Hong Kong, Sept. 12 -- Air New Zealand (Air NZ) has joined the long line of airlines drowning in red ink as the coronavirus crisis shows little sign of abating. The Auckland-based carrier reported a net loss of $301 million for its fiscal year to June 30, its first 12-month deficit in 18 years. It reported a $183 million profit a year ago. It will draw down a $596.34 million government loan this month to ease its cash flow drought.
New Zealand has recorded an extremely low number of COVID-19 cases, but border closures have curtailed international operations. Air NZ CEO, Greg Foran, said current modelling suggested the carrier would make another "significant" loss in 2021. The Auckland-headquartered company traditionally generates almost 70...