Air New Zealand’s half year profit slumps to only $31.7 million

Air New Zealand (Auckland) reported a disappointing 61 percent drop in its six month net profits ending on December 31, 2011. For the period, the carrier reported profits of only $38 million (NZD) or $31.7 million (US). As a result, the flag carrier has announced it will eliminate at least 441 positions to ward off any further deterioration of its finances due to rising fuel costs.

In other news, the carrier has converted two Boeing 787-9 Dreamliner options to firm orders (total now 10 on order).

Copyright Photo: Colin Hunter.

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