29 AUGUST 2016


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Article from BTNews 29 AUGUST 2016

ANZ, Qantas flying high

Strong demand for inbound travel to Australasia has led to a change in fortune for national carriers Air New Zealand and Qantas, with both announcing record net profits for the financial year to 30 June. Staff at both airlines will receive bonuses. 

Air New Zealand announced earnings before other significant items and taxation for the 2016 financial year of US$806m (about £450m), compared to US$474m in the previous year. It is the best result in the company’s 76-year history.

Earnings before taxation were US$663m (about £368m), with net profit after taxation of US$463 (£257m), an increase of 40% and 42%, respectively.

Chairman Tony Carter said of the bonuses: “Our staff are critical to our success.”

Qantas, which has undergone major restructuring after record losses in 2014, posted record annual profits of A$1.42bn (£820m), also nearly doubling last year's result.

Chief executive Alan Joyce said: “Transformation has made us a more agile business, created value for our shareholders and given us a platform to invest for the future."

Qantas said each of its main operating divisions seeing record underlying earnings and the company would be giving each staff member a A$3,000 "record result bonus".



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