NATIONAL flag carrier air New Zealand has announced a loss of NZ$440 million (US$307 million) for the year ending June 30 with operating revenue of NZ$2.5 billion down 48 per cent.
'The Crown has again confirmed its longstanding commitment to maintaining a majority shareholding in Air New Zealand,' the carrier said.
'Subject to cabinet being satisfied with the terms of the airline's proposed capital raise at the relevant time, the Crown has again confirmed that it will participate in an equity capital raise by purchasing the number of new shares necessary to maintain a majority shareholding.'
'Air New Zealand's board does not expect to consider payment of dividends before the airline's earnings and gearing substantially recover, and in the context of a supportive macroeconomic environment,' Air New Zealand said.
It said it also expected to post a third straight loss in the 2022 financial year.
New Zealand plans to start gradually reopening its border from early next year, but it must first contain an outbreak of the infectious delta strain of the virus and step up a vaccination rollout that has been one of the slowest in the developed world.
Air New Zealand said the government had advised it that the current environment is not sufficiently stable to raise equity, so it has further deferred a planned capital raise until the first available window in the first quarter of 2022.
The airline is 52 per cent owned by the government.
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'The Crown has again confirmed its longstanding commitment to maintaining a majority shareholding in Air New Zealand,' the carrier said.
'Subject to cabinet being satisfied with the terms of the airline's proposed capital raise at the relevant time, the Crown has again confirmed that it will participate in an equity capital raise by purchasing the number of new shares necessary to maintain a majority shareholding.'
'Air New Zealand's board does not expect to consider payment of dividends before the airline's earnings and gearing substantially recover, and in the context of a supportive macroeconomic environment,' Air New Zealand said.
It said it also expected to post a third straight loss in the 2022 financial year.
New Zealand plans to start gradually reopening its border from early next year, but it must first contain an outbreak of the infectious delta strain of the virus and step up a vaccination rollout that has been one of the slowest in the developed world.
Air New Zealand said the government had advised it that the current environment is not sufficiently stable to raise equity, so it has further deferred a planned capital raise until the first available window in the first quarter of 2022.
The airline is 52 per cent owned by the government.
SeaNews Turkey