Air New Zealand's annual report released on Thursday announced a profit that will help fund aircraft, digital investments and facilities amid a rapid recovery.
"Demand for air travel that exceeded expectations has led to a rapid recovery for Air New Zealand," the report said.
The financial year began as borders were still reopening and aircraft were stored in the desert, and ended with the airline at 94 percent of pre-COVID domestic capacity, it said.
Having restored its international network, the airline carried out the biggest recruitment drive in its history and returned all aircraft to the skies, the report said.
Air New Zealand's earnings before other significant items and taxation were 585 million NZ dollars (349 million U.S. dollars) for the 2023 financial year, it said, adding statutory earnings before taxation were 574 million NZ dollars (342 million U.S. dollars), compared with a previous year loss of 810 million NZ dollars (484 million U.S. dollars).
The airline will provide shareholders with a one-off, fully imputed special dividend of 6 cents per share, which reflects the extraordinary 2023 operating environment, with strong pent-up levels of demand combined with industry-wide capacity constraints, the report said.
The result is an important one given the critical role the airline plays in New Zealand both socially and economically, said Air New Zealand Chair Dame Therese Walsh.
Chief Executive Officer Greg Foran said, "Restoring services to 500 flights a day is not only good for Kiwis who've been able to take that long-planned holiday, but it has also brought tourist dollars back to the regions and supports exporters who rely on regular air freight."
"Our own costs continue to rise and the reality is that airfares are unlikely to return to pre-pandemic levels," Foran said.
The airline also announced an order for two new ATR turboprop aircraft for regional routes, as well as two new Airbus A321neos for its international short-haul network.
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