Benefitting from a resurgent travel industry and ongoing government support, Air New Zealand (ASX:AIZ)has reported a profit and special dividend for the fiscal year ending in June. This marks the airline's return to profitability and its first dividend distribution in three years.
The travel boom, coupled with decreased fuel prices, enabled the airline to post positive financial results, aligning with the trend observed in competitors like Qantas (whose report is expected Thursday).
Air New Zealand announced a special dividend of 6 NZ cents per share, representing the first dividend issuance since February 2020.
CEO Greg Foran expressed his satisfaction, stating, "After several volatile years, it's great to be back in the black and standing on our own two feet, especially given we have more than NZ$3.5 billion in aircraft investment coming over the next five years."
For the fiscal year concluding in June, Air New Zealand reported earnings of NZ$585 million before tax and other significant items, surpassing its forecasted minimum of NZ$580 million. This achievement stands in stark contrast to the NZ$725 million loss posted a year earlier.
