NATIONAL AIRWAYS MAKES A PROFIT

Press, Volume CIII, Issue 30498, 21 July 1964, Page 3

NATIONAL AIRWAYS MAKES A PROFIT

(New Zealand Press Association) WELLINGTON, July 20. A profit of £18,069 was recorded by the National Airways Corporation for the year ended March 31, says a report issued by the Minister of Civil Aviation (Mr McAlpine) tonight.’ The report says this was achieved after making full provision for depreciation amounting to £520,999 and paying interest of £277,451 on capital provided by the Government.

“Although this result must be regarded as marginal, it is a substantial improvement over the previous year’s trading which resulted in a loss of £136,320,” says the report.

The improvement had been achieved through a steady growth in traffic during the year, indicating a healthy recovery from the economic pressure of the two previous years.

Passengers carried increased by 5} per cent to 821,016 for the year, but the volume of freight carried increased only fractionally, says the report. Passenger traffic expressed in passenger miles increased by 71 per cent to 216 million miles. Some of the short-haul traffic across Cook Strait which was lost to the Aramoana had been replaced by growth in long-haul traffic and the average passenger journey increased to 263 miles as compared with 254 miles two years ago.

Gross revenue for the year was £6.22 million and expenditure before charging interest was £5.94 million.

The operations surplus was £280,000. Contribution to the Government for the year was £833,502, comprising £556,051 for airways and airport dues and £277,451 for interest on capital, says the report.