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Airline to shed hundreds of posts

Air New Zealand plans to cut hundreds of jobs after a 71% drop in its half-year profit.

New Zealand's national carrier announced it plans to reduce its work force by 441 people - 175 through lay-offs and the rest through attrition.

The airline has a staff of 11,500.

The airline said its profit before tax for the six months ending December 2011 was down more than two-thirds to 33 million New Zealand dollars (27.5 million US dollars).

In a statement, the airline blamed a weak global economy and the high cost of jet fuel for the result, but said its overall position remains strong and it will keep paying shareholders a dividend.

The company's chief executive, Rob Fyfe, announced last month he will retire effective December to pursue other opportunities.


From Belfast Telegraph