Air New Zealand and Qantas report near record profits for financial year 2017 

Air New Zealand and Qantas report near record profits for financial year 2017 

Air New Zealand has announced earnings before taxation for the 2017 financial year of $527 million, compared to $663 million in the prior year – the second highest result in the airline’s history.

Net profit after taxation was $382 million. Chairman Tony Carter praised the strong result, acknowledging the airline’s staff for their continued focus on driving profitable network growth during a period of significant new competition.

Qantas shares have risen today after the company reported the second highest profit in its 97 ­year history.

Its domestic operations reported record earnings and international competition eased in the second half. The airline announced underlying profit for the 12 months to June 30 at A$1.4bn, down 8.6 per cent from the record profit reported a year earlier. This was in line with analysts’ estimates of A$1.39bn.

The company’s domestic Qantas and Jetstar operations reported record underlying earnings before interest and tax at $865m.

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