Airways reports a $13.4 million half-year profit
01 Mar 2024
Airways Corporation of New Zealand Limited has announced its interim results for the half year ended 31 December 2023, recording an after-tax profit of $13.4 million, $1.9 million higher than the forecast.
Total revenue rose 24% year on year, as air traffic volumes continued to grow following the COVID-19 pandemic. Airways was able to lift investment in service improvement projects to $26.2 million, from $18.7 million in the same period in the prior year.
The full year Airways Group profit forecast remains in line with plan, as the second half of the year will be impacted by cost headwinds due to ongoing inflationary pressures and an increase in depreciation from delivery of significant service improvement projects.
Airways International Limited, the commercial subsidiary responsible for exporting Airways-developed technologies and air traffic management expertise worldwide, delivered a profit after tax of $2.0 million, which was in line with the forecast.
From July to December 2023, Airways safely managed 244,892 flights through the 30 million square kilometres of airspace it controls in its domestic and oceanic flight information regions. There were no serious air proximity events attributable to Airways recorded within controlled airspace and no notifiable safety events involving Airways people at work.
Airways Board Chair Denise Church QSO says Airways is pleased to be reporting a positive safety performance and a strong improvement in financial performance.
“Our primary objective is to ensure all aircraft operating in controlled airspace reach their destinations safely and efficiently, and that we maintain the health and wellbeing of our people.
“We are proud of our safety achievements over the six-month period and our positive safety culture, and pleased to be reporting a significant lift in revenue as the aviation sector rebounds after the pandemic.”
Airways CEO James Young says over the last six months, the Group has been working to embed its new 10-year strategy into the business.
“We have identified the internal and external strategic priorities as the crucial first steps toward our aspirations for 2033, and we are developing detailed roadmaps to implement them over the next 12 months.
“We look forward to progressing these priorities with our people, customers and wider stakeholders as we create the aviation environment of the future.”