Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Airways NZ Announces 2005/06 Annual Result

16 October 2006

Airways New Zealand Announces 2005/06 Annual Result

The State Owned Enterprise, Airways Corporation of New Zealand has announced its annual result for the twelve months to 30 June 2006. The company achieved a net profit after tax of $8.24 million – equivalent to last year’s record result. After abnormal adjustments the result was a $7.57 million net profit after tax and a return on equity of 19.3 percent. Airways returned a total of $8 million in dividends to its Shareholder, the Government.

Airways successfully renegotiated its future pricing with the airlines, which confirmed their support for Airways’ approach to self-regulation – a policy under which Airways’ customers share in the financial success of the company. Under Airways’ Partnership Plan $3.25 million in rebates was paid to its airline customers.

Airways’ Chairman, Mr Con Anastasiou, said that while the 2005/06 year was a challenging one for the international aviation industry, it was one in which Airways continued on its path of strong, steady and positive performance.

“Airways has succeeded in meeting its financial and performance targets without increasing its prices, whilst at the same time maintaining its uncompromising commitment to safety, quality and customer service. In an environment where many of our airline customers have had to contend with increased competition and soaring fuel prices, Airways has launched a number of initiatives to contribute to reduced fuel consumption and improve on time performance”, Mr Anastasiou said.

“This performance is only possible due to the efforts of our people, who once again have performed to a very high standard.”

Safety Performance

Last year Airways again improved on its already excellent safety record, continuing the trend of the last ten years. Airways regularly benchmarks its safety performance against air navigation services (ANS) providers in other countries, a process that has confirmed its place among the world’s top ANS providers.

Operational Performance

Airways achieved or progressed all domestic performance objectives in its Statement of Corporate Intent. These objectives included: successfully managing the key communication, navigation and surveillance replacement projects including radar modernisation, data communication and voice switch projects; and completing the transition of Ohakea radar services to Christchurch.

During the year Airways negotiated a joint venture with US-based aviation English language experts, Aviation English Consulting, to provide pilot and air traffic control language proficiency training to the global aviation industry. The company was also awarded three high profile IT awards including the Overall Excellence in IT Award from ComputerWorld Magazine, for its New Zealand-developed air traffic control training simulator.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news