Air New Zealand says it's well-placed to take advantage of an upturn in air travel, though it remains cautious that early signs of a pickup are sustainable.
At its annual meeting in Christchurch on Wednesday, Air New Zealand chief executive, Rob Fyfe told shareholders the national carrier had quickly cut flights and ground planes, reduced airfares and frozen pay to cope with the downturn.
Mr Fyfe says there are early indications that slump in travel demand is showing signs of having bottomed out, but volatility in oil prices and exchange rates makes it difficult to predict any recovery with certainty.
He says Air New Zealand is now looking at introducing new uniforms to differentiate itself from rivals, and using biofuels to reduce costs.