Air New Zealand has announced earnings before taxation of $457 million for the first six months of the 2016 financial year, an increase of 132% over the prior period. Net profit after taxation was $338 million, an increase of 154%.
Momentum in the cargo business continued in the first six months of the year, with revenue from that business unit increasing by 21%.
Demand from North America, Australia, and Asia is primarily driving the increased cargo market share on the long-haul network from New Zealand.
The national carrier benefited from substantially lower jet fuel prices, as well as leveraging economies of scale and efficiencies from its fleet simplification program.
Operating cash flow of $541 million was up 43% in the prior period.
Exceptional passenger revenue growth, underpinning by a 16% capacity growth in the network, was also driving the interim result.
