As turnaround stories go, Air New Zealand's is about as good as it gets. In just over 2-1/2 years under MD and CEO Ralph Norris, the company has come from the nightmare of writing off NZ$1.45 billion-the largest writeoff in New Zealand corporate history-to posting combined annual profits of NZ$331 million over its last two fiscal years. Although a 15% escalation in fuel costs and the adverse impact of an appreciating NZ dollar contributed to flat earnings of NZ$165.7 million for the year ...

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