SYDNEY (Reuters) – Air New Zealand Ltd plans to draw on a NZ$900 million ($596.34 million) government loan within days to help it weather the coronavirus pandemic after on Thursday reporting its first annual loss in almost two decades.
The airline forecast another loss this fiscal year as it reported an underlying pretax loss of NZ$87 million in the 12 months ended June 30, compared with a NZ$387 million profit a year earlier.
Stronger-than-expected domestic demand and increased cargo flying helped it beat a NZ$120 million loss the company had forecast in June. But the bottom-line figure blew out to a NZ$454 million loss, driven by aircraft impairments and restructuring charges.
