NEW ZEALAND — As the first commercial jet to operate in New Zealand since the country’s war with China in the 1930s, Jet Life has been a major source of pride for Kiwis.
But the Kiwi airline is trying to change its fortunes by making the airline a reality in 2018.
New Zealand’s Ministry of Transport has said that it wants to fly at least 500 commercial jets per year by 2020.
That means the Kiwis need to buy an additional 1,200 planes per year.
But in a bid to attract customers, Jet will be offering a $1,200 discount on flights, starting in April, in an effort to attract more customers.
“We want to give Jet a better chance to succeed, and this is a big deal for our airline,” said Transport Minister Steven Joyce.
The deal is expected to bring in up to $200 million a year in revenue for New Zealand, he added.
In 2016, Jet was awarded a $2 billion contract by the Department of Transport, which aims to build new aircraft in New South Wales, Victoria, South Australia and Queensland.
The airline has been in the red for many years, with a debt-to-capital ratio of 25 percent, according to the Australian Competition and Consumer Commission.
The debt-for-equity ratio is much higher for Australian airlines.
In February, the airline reported a $8.9 million net loss, with losses increasing to $15.7 million in December.
In a statement, the NZ government said Jet had a “positive record in recent years”, but added: “While we have seen the economy and business performance of the airline improve, we are also seeing more of our businesses not meet their potential.”
The airline said it had reduced its costs by $2 million in the last three years, but added it had to make “significant savings” to survive.
The Kiwis want Jet to be a reality, so why isn’t it happening?
Read moreThe Kiwis have not seen a major airline in the United States since the 1970s.
The last commercial jet service to operate was in 1972.
But as Jet’s revenue dropped, New Zealand lost a lot of money.
The country has seen three major downturns since then, with the first in 2001.
In 2013, New South Zealand lost $1.5 billion to the Chinese economy, according a report by the National Institute of Economic and Social Research.
And in 2016, it lost another $1 billion, according the National Audit Office.
Jet has also faced the ire of local politicians who have tried to stop the airline from opening up.
A petition to stop Jet’s entry into New Zealand was signed by more than 1,000 people.
But Kiwis still love the airline, which now has more than 3,600 registered customers, according Jet’s website.
Jet also has a loyal following, with customers visiting its website to see what their airline is all about.
The airline has made a profit in recent decades, making more than $40 billion last year, according data from the Department for Business, Innovation and Employment.
Last year, it reported $1 million in profit, and it said it was profitable on a constant currency basis.
But it has had to cut expenses to survive, and the loss of revenue was a big factor in its decision to cut costs, said Joyce.
“I believe that Jet is going to make a lot more money,” he said.
He said that Jet’s loss of a profit last year was due to a restructuring of its business.
The company had to reduce the number of planes that it flies and it had a hard time finding new customers.
Jet is also facing a series of other challenges, including a severe drought, low revenue growth and the decline in international passenger numbers, said the Minister.
It will be a tough year for Jet, he said, with fewer flights and fewer passengers.
But the Minister believes that Jet will make money this year.
Jet is a small company and has been struggling financially.
Its losses have ballooned from $1m in 2016 to $10.2m in 2017.
As part of the deal, Jet has agreed to take $1bn in debt, which it says it needs to stay solvent.
The government has already agreed to loan Jet $6.8 million, but the debt will be paid off over a period of time.
Read the full article at Bloomberg.