Neu: 2002-03-06 Contents of this issue:
1. Big Loss ======================================================================== March 6th, 2002 1. Big Loss: Air New Zealand today reported a bottom line December half year loss of $376.5 million. The 82 percent Government owned airline posted an operating loss of $75.6 million and unusual losses of $300.9 million. In September, the airline posted a New Zealand record $1.4 billion annual loss in September following the writedown of its Ansett investment. That prompted an $885 million Government bailout. The company, which will not be paying a dividend, said it had positive cash flow from continuing operations of $44.9 million. New chief executive Ralph Norris said the past six months had been "an extremely challenging six months for the global airline industry and not the least for Air New Zealand". He said the terrorist attacks on the United States and the subsequent retaliatory actions continued to have a major impact on demand for international air travel. Total operating revenue fell to $2.58 billion from $4.31 billion but that was mainly due to the cessation of contributions from Ansett. Minister Michael Cullen commented that the result was "broadly in line with expectations". Niue wants Air New Zealand to start a direct flight from Auckland to Niue then back to NZ via Tonga.(NZPA) __END__
