Air NZ says sold over $1b worth of tickets online in 2006/7

By NZPA

Wednesday 6th June 2007

Air New Zealand said today online sales had surpassed $1 billion in a financial year for the first time.

It had budgeted for $1 billion of sales in the year to June but had passed the mark nearly a month early.

"Online bookings have grown exponentially in the past four years, since Air New Zealand's development of a home-grown booking engine that has transformed the way customers use its sites," the airline said.

Online sales had grown nearly seven times in just four years.

The state-controlled airline's website has an average 100,000 hits per day. Visits have been boosted recently by the airline's grab-a-seat promotion where tickets to selected destinations are sold well below regular prices.

A Mother's Day special last month generated a record $7.5 million in sales over 24 hours.

Air New Zealand shares have had a spectacular ascent in the last year, climbing from $1.20 last June 6 to a five year high of $3.10 this week.

That rise has seen the Government's 76.3% stake rise in value from $960 million to $2.5 billion.

The Crown's original investment in 2001 cost $892m and in December 2004 it participated in a one-for-six rights issue at a cost of $149m.

In addition to the unrealised capital gain, the Government has received $230m in dividends since it made its investment in 2001.

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