Air New Zealand saw net profit after tax soar 156% to NZ$182 million in 2013 as it posted its best result in five years.
Earnings before tax leapt 172% to $256m while operating cash flow hit a record $NZ750m.
Chairman John Palmer, who will retire next month, said it was a performance that investors, New Zealanders and passengers “can be proud of”.
He said the carrier was focused on improving the result further in the current financial year.
“Based on the airline’s forecast of market demand and fuel prices at current levels, early results and forward bookings are encouraging,” Palmer said.
Strong results will enable the airline to reinvest in services, training and development that will further improve the customer experience, he added.
The carrier said alliances and new destinations would be explored to grow traffic.
Chief executive Christopher Luxon said a “range of initiatives” will be rolled out this year as it seeks to “keep us ahead of the competition”.
In addition, he said Air NZ will retain its “customer centric” approach which has resulted in membership of its Airpoints loyalty scheme rising 17% to 1.4 million.
Palmer will be replaced by deputy chairman Tony Carter at Air NZ's annual shareholders meeting on September 27.
