Higher fuel, maintenance and engine costs weighed on Air New Zealand's result.
Air New Zealand has plunged to a $242 million annual loss, as soaring fuel prices and engine problems wiped out gains from stronger passenger revenue.
The loss that sparked a coalition flare-up will likely be minor compared to what's coming.
Nikhil Ravishankar says fares, hedging and fewer flights needed to offset fuel costs.
Former boss Christoper Luxon says the result is bad even in context of worldwide problems.