WELLINGTON, New Zealand (AP) — National carrier Air New Zealand says its annual profit more than doubled from the previous year as it continued to recover from the global downturn.
The company Thursday announced an after-tax profit of 182 million New Zealand dollars ($142 million) on revenue of NZ$4.6 billion.
It's a continued improvement for the airline, which was on the verge of bankruptcy before being bailed out by the New Zealand government in 2002. It struggled again through the 2008 global downturn.
The New Zealand government continues to own a 73 percent stake in the company but plans to sell that down to a 51 percent stake.
The company says it plans to invest NZ$1.8 billion in new airplanes over the next three years, including six Boeing 787-9s, the stretch version of the Dreamliner.
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