Air NZ Profit Drops, Airfares Set to Rise

Okay, here’s⁣ a summary ‍of the key data from the provided text, focusing ⁣on Air New Zealand‘s financial performance and outlook:

Key ​Financial Results:

Profit: Air New ⁣Zealand reported a net profit after tax of⁢ $232 million for the year ending June 2024.
Revenue: Total revenue increased ⁢by 9% to $6.3 billion. Fuel Costs: Fuel costs decreased by 12% ($208 million) due to lower jet fuel prices and reduced fuel consumption.
Operating Costs: Non-fuel operating costs increased by $235 million, driven‍ by higher landing charges, labor costs, and engineering materials. Overall aviation costs rose 6% year-on-year,exceeding the New Zealand Consumer Price ⁤Index.
Dividend: A final ‍unimputed ordinary dividend of 1.25 cents per share was declared.
Share Buyback: $38 million was returned to shareholders through​ a share buyback program.

Challenges & Outlook:

Delays in Aircraft Supply & Maintenance: The airline⁢ is facing potential delays of up to ⁤three years in aircraft supply and maintenance. Cost Pressures: Pricing pressure and rising aviation costs are‍ expected to continue.
Turbulent Future: The airline anticipates ‍2025‍ to be a “notably challenging financially.”
Capacity Constraints: Lower fuel consumption is linked to constrained capacity.

Leadership Change:

* Greg Foran is stepping down as CEO later in the year.

In essence, Air New Zealand had a profitable year, but faces important headwinds⁣ in the future related to costs, ⁣supply chain ‍issues, and capacity.