Air New Zealand blamed a NZ$300 million hike in fuel expenses for a 1% decline in profit for the fiscal year ended June 30 to NZ$218 million ($154 million) from the NZ$221 million reported in the prior year. The year-over-year profit drop was a more significant 24% to a normalized NZ$197 million compared to last year's normalized NZ$259 million. Normalized earnings exclude net gains and losses on nonhedge-accounted and ineffective derivatives in other financial periods. However, ANZ's ...

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