By Staff Reporter Leigh Catley at 2:24pm, 13th September 2001
Air New Zealand has announced a loss of $1.42 billion for the year.
The write-down of its subsidiary Ansett Australia accounts for most of this.
Ansett is now in 'voluntary administration' - one step away from receivership.
The company made an operating loss of $280 million, a huge slip back from the high of last year's operating profit of $143 million.
The $1.3 billion dollar writedown of Ansett has reduced the group's equity from $1.8 billion to $518 million.
© NewsRoom 2001