The boss of Air Zealand says he's proud they've made even two cents of a dollar this year - as profits drop 13.7 percent.

The airline's being hit hard by a sluggish domestic economy, with costs like landing charges, wages, and engineering material rising much faster than inflation.

Outgoing CEO Greg Foran says he appreciates it's been a difficult few years.

"Whether it was starting when Covid began and doing capital raises and then hurriedly having to restart the business, and then a parade of engine challenges and now we've got a few other headwinds - but you learn."

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