WELLINGTON (BLOOMBERG) - Air New Zealand reported its first full-year loss in 18 years and said it is unlikely to return to profit soon as the coronavirus pandemic cripples international travel.. Read more at straitstimes.com.
WELLINGTON - Air New Zealand reported its first full-year loss in 18 years and said it is unlikely to return to profit soon as the coronavirus pandemic cripples international travel.
"Until global borders reopen, we will continue to be significantly impacted by this crisis," Chief Executive Officer Greg Foran said."The unfortunate reality is that we don't expect to see a return to long-haul travel for some time and until then we will be a keenly focused domestic airline." "Some airlines will not survive this," Foran said."The actions we have taken to date, albeit painful, are with a view to setting ourselves up for success in whatever competitive and demand environment emerges on the other side of this crisis."
On a conference call with analysts, Foran described the operating environment as the worst the aviation industry has ever experienced and said the road to recovery looked long."We absolutely aren't seeing a V-shaped recovery or even a U, it's more like an L," he said.
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