New Zealand's national airline recorded its first annual loss since 2002.
and according to Reuters, the company expected a loss in fiscal year 2021; This is due to the costs of a reorganization after a slump in air travel caused by the Coronavirus pandemic.
Air New Zealand said it had recorded a pre-tax loss of NZ $ 87 million ($ 57.59 million) in the 12 months ending June 30, compared with Profit of NZ $ 387 million the previous year.
and these results are better than the company's expectations, which were indicating a loss of NZ $ 120 million.
Air New Zealand has cut 30 percent of its workforce, or 4,000 employees, and has grounded its wide-body aircraft since the outbreak of the Coronavirus.
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