Airways New Zealand has recorded a 28% improvement in its financial performance in the year to June 2015, further improving results in safety and operational areas over the previous year, says Airways Chief Executive Ed Sims.
Following a challenging first half of the financial year, New Zealand’s air traffic control and navigation state-owned enterprise (SOE) made a net operating profit after tax (NOPAT) of $15.1 million for the year ended June 2015, up from last year’s operating profit of $11.8 million. A combination of careful cost control and a 2.3% increase in aviation volumes were the primary drivers for the strong year end result.
Airways CEO Ed Sims says, “International benchmarks continue to place Airways at the forefront of safety globally, and our efficiency ranks in the top five¹ air navigation service providers in the world in terms of cost per flight hour.”
Airways invested $32.1 million in New Zealand aviation infrastructure delivering significant benefits in airline efficiency, fuel costs and carbon emissions. The first half of the year also saw a 19% reduction in delays compared to the same period in previous years.
Airways Chair Susan Paterson says the SOE’s performance has been achieved in accordance with customer, shareholder, and employee expectations.
“A $4m dividend paid to the New Zealand Government this year achieves a sound balance between providing appropriate cash returns and ensuring sufficient capital is retained in the business for long-term growth,” says Paterson.
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