Air New Zealand reports $87 million loss for 2020 financial year, first loss in 18 years

Air New Zealand has today announced a NZD $87 million loss for the 2020 financial year, its first loss in 18 years.

The loss is a stark contrast to the year prior to when the airline posted earnings of $387 million and affirms the COVID-19 pandemic's impact on its operations.

COVID-related travel restrictions resulted in a 74 per cent drop in passenger revenue from April to the end of June compared to the prior year, which drove the airline’s operating losses.

The results come despite Air New Zealand seeing a strong interim profit of $198 million reported for the first six months of the financial year.

[Source: TV NZ]