August 22, 2017 / 9:03 PM / in a year

Air New Zealand annual profit falls 21 percent on higher competition

Aug 23 (Reuters) - Air New Zealand Ltd said on Wednesday its core annual profit slipped 21 percent from the previous year as fierce competition in the sector lowered fares, although it was still at the second-highest level due to a boom in tourism in the country.

Pretax profit for the country’s biggest airline fell to NZ$527 million ($383 million) in the year ended June 30.

It had said in June that it expected full-year profit before tax would exceed NZ$525 million, up from a prior estimate of NZ$475 million to NZ$525 million. ($1 = 1.3740 New Zealand dollars) (Reporting by Shaswhat Pradhan in Bengaluru; Editing by Edwina Gibbs and Alison Williams)

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