By Stephen Wright
WELLINGTON, New Zealand--Air New Zealand Ltd. said its losses over two financial years will reach about 900 million New Zealand dollars ($630 million) as the pandemic prevents a meaningful recovery in its international business in the next 12 months.
The airline on Friday also said it has delayed the start of deliveries of new Boeing 787 Dreamliner aircraft until its 2024 financial year.
Air New Zealand expects a loss before significant items and tax of NZ$450 million for its current financial year and a comparable loss in the subsequent financial year ending June 2022.
"The airline is not expecting any meaningful recovery in long-haul demand in the 2022 financial year notwithstanding the rollout of global vaccination programs and the potential for long-haul borders to begin reopening progressively in the second half of the financial year," it said.
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(END) Dow Jones Newswires