Air New Zealand said its quick decision to remove capacity in response to the economic downturn, along with its fuel hedges, were responsible for better-than-expected results in the fiscal year ended June 30, including a NZ$21 million ($14.4 million) profit that represented a 90% drop from the NZ$218 million earned the prior year. The net result reflects possible hedging losses over the next year. Normalized earnings, which exclude net gains or losses on nonhedge-accounted and ineffective ...

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