Air New Zealand said its foreign exchange hedging program limited the effects of fluctuating fuel prices and the economic downturn as it remained profitable in the fiscal first half ended Dec. 31, reporting a NZ$24 million ($12.3 million) net that was 79% lower than the year-ago result. Six-month operating revenue increased 3.7% year-over-year to NZ$2.4 billion, with foreign exchange movements contributing NZ$75 million to the gain. Passenger numbers declined 4.3% to 6.3 million, but ANZ's ...

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