The Air New Zealand Limited (ASX: AIZ) share price is trading more than 2% down this week. At the time of writing, Air New Zealand shares are trading at 60 cents apiece, 0.84% higher.
Notably, investors weren't impressed with the airline's FY22 results released on Thursday. Alas, yesterday's losses were extended following the update.
Zooming out, and the airline's share price is down almost 32% this year to date, as seen on the chart below.
Image source: Getty Images
What else happened for Air New Zealand last period?
The key point from the company's performance last year was its loss before tax of $725 million, compared to last year's $444 million.
This result was projected during previous market guidance back in June, so didn't come as a surprise. Nevertheless, statutory loss before tax also came in at $810 million.
Travel restrictions related to COVID-19 were largely to blame for the narrowed result.
"Although the financial year ended strongly following the phased reopening of New Zealand's borders from March, the airline's operating revenue of $2.7 billion was significantly impacted by pandemic related travel restrictions," the company said.
"Cargo and domestic revenues helped lift overall revenue by 9%, however high fuel prices and reduced flying over much of the year resulted in a loss for the period," it added.
Management commentary
Speaking on the result, Air New Zealand Chief Executive Officer, Greg Foran said:
For customers, we've been focused on restoring services, maintaining a choice of fares and launching innovations to improve their journey with us. For our amazing staff we have provided one-off awards to acknowledge their continued extra mahi, and for our communities we've been obsessed with operational performance, which drives the reliable services they depend on.
For our shareholders, whose support has refuelled the business for future growth, we've completed a
successful recapitalisation that was structured to be fair to our shareholders, including those that didn't take up the rights offer.
What's next for Air New Zeland?
The company didn't provide any earnings guidance in its report. However, it expects total flying capacity for FY23 to be in the range of 75% to 80% of pre-COVID levels.
In the past 12 months, the Air New Zealand share price has slipped around 60% into the red.
