Air Transport World

A sharp fall.

A sharp fall in tourists from Asia coupled with a 32% devaluation in the New Zealand dollar relegated Air New Zealand to a 3.6% lower profit of NZ$144.8 million ($74.8 million) for 1997-98, despite a 5.4% improvement in revenue to NZ$3 billion. Much of the 6.9% decline in passengers flowed from economic problems in Japan and other parts of Asia in the second half.

MD Jim McCrea said he was not dissatisfied with the result, given the turbulent conditions in Asia, but he refused to make any predictions for 1998-99. …

Log in to your account to read this article – and millions more.