Air Transport World

Air New Zealand.(Asia/Pacific)(Brief Article)

A remarkable turnaround after the worst loss in New Zealand corporate history of nearly $1 billion in FY01 saw MD Ralph Norris guide ANZ from a government bailout in October 2001. Norris slashed costs and transformed the airline's domestic and regional operations into what is essentially a low-cost carrier. For the fiscal year ended June 30, 2003, it posted an operating profit of more than NZ$220 million ($136 million).

At the end of January, BIL International Ltd. sold its 7.8% stake in ANZ, ending a turbulent association that started in 1989 when it led a consortium to buy the airline from the government. …

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