=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2003/02/26/f= inancial2028EST0378.DTL ---------------------------------------------------------------------- Wednesday, February 26, 2003 (AP) Air New Zealand regains profitability on stronger currency, cheaper fuel (02-26) 17:28 PST WELLINGTON, New Zealand (AP) -- Air New Zealand said Thursday it returned to profit in the second half of last year thanks to a stronger New Zealand dollar and lower fuel costs. The carrier reported half-yearly net profit of 93.9 million New Zealand dollars ($52.6 million), up from a net loss of NZ$376 million ($211 million) for the same period a year earlier. The carrier was rescued from likely collapse in December 2001 when the N= ew Zealand government invested NZ$885 million ($496 million) for a controlling stake. The airline said revenue for the six months rose 29 percent to NZ$1.86 billion ( million). Chairman John Palmer said the company is still expecting a full-year net profit before unusual items of NZ$230 million ($129 million) despite lower bookings for March, the uncertain international economic outlook and fears of a war in Iraq. He said luck had been a factor in the national carrier's turnaround, including the big rise in the value of the New Zealand dollar and easing of fuel prices. "There is no doubt however that the uncertain world stage will negatively impact our business, with passenger numbers, yields and fuel prices all likely to be affected," Palmer said. The previous 2001 half-year result had been hit by the collapse of Air N= ew Zealand's Australian subsidiary, Ansett Australia. The airline also said its future remains dependent on regulators allowing the proposal for Australian carrier Qantas Airways to buy a 22.5 percent stake for NZ$550 million (US$308 million). Officials in Australia and New Zealand are studying the plan. =20 ---------------------------------------------------------------------- Copyright 2003 AP