Wellington - Air New Zealand announced Thursday a 79-per- cent slump in after-tax profits for the six months ending December 31, after what chairman John Palmer said was one of the toughest periods airlines had ever faced.
The airline, which is 76 per cent owned by the government, reported net profits of 24 million New Zealand dollars (12.24 million US dollars) for the half-year.
Palmer cited the unprecedented price of fuel, which rose 36 per cent on the same period in 2007, adding 211 million New Zealand dollars to costs of running the airline.