Air New Zealand Limited
(ASX:AIZ) will cut jobs after posting a net profit of $NZ 38 million for the six months to December, a drop of more than 60 per cent.
Chief executive Rob Fyfe acknowledges it’s a disappointing result and the airline has already started a number of initiatives to improve profitability including cost reduction, improved efficiencies and revenue growth.
Mr Fyfe adds that the cost of jet fuel has doubled in the last three years but the airline hasn’t been able to pass on the cost to passengers.
The airline says that achieving last year’s result will be a challenge given the global economic environment.
