Air New Zealand unveils huge loss, warns worse to come

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Air New Zealand unveils huge loss, warns worse to come

Air New Zealand posted a record interim loss Thursday (Feb 24) and warned the airline is set to plunge further into the red as it faces the most difficult year in its history.

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The flag carrier, which is majority owned by the New Zealand government, said half-year losses blew out almost four-fold to NZ$272 million (US$185 million), from NZ$72 million a year earlier.

It said the airline was on track for a full-year loss exceeding NZ$800 million amid rising fuel prices and ongoing COVID-19 restrictions at the New Zealand border.

Chairwoman Therese Walsh said the 2022 financial year, which runs to Jun 30, would be "the most difficult one yet for the airline" as the pandemic only affected the last quarter of financial 2020 and government subsidies softened the blow in 2021.

"The 2022 financial year has and will continue to be much more heavily impacted, both by continued suppressed demand and rising costs," she said.

The airline said it planned to tap the market for a capital raising around the end of March and the government had agreed to participate.

Air New Zealand has not specified how much equity it is seeking under the plan, which was postponed twice in 2021 due to adverse market conditions.