Air New Zealand's profit up 45 percent and carrier says new planes will help it grow next year

MarketsAssociated Press

New Zealand's national airline has posted a 45 percent increase in profit on slightly higher revenues.

Air New Zealand on Wednesday announced an after-tax profit of 262 million New Zealand dollars ($218 million) for the year ending June. Revenue was up 1 percent to NZ$4.7 billion.

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Chairman Tony Carter said in a statement it was the carrier's third straight year of strong earnings growth. He said the carrier's new aircraft were able to operate more profitably and it had formed good alliances with other airlines.

He said the company's capacity will grow significantly in the coming year as new airplanes arrive.

Air New Zealand was the launch customer for Boeing's 787-9, an extended version of the 787. The carrier was recently granted regulatory approval for an alliance with Singapore Airlines.