Turbulent times for Airways New Zealand

The state-owned enterprise has tumbled to a 31 point three million dollar loss for the year to June 30 -- down 233 per cent on last year.

There's been a dramatic decline in air traffic and revenue streams because of covid travel restrictions.

Airways chief executive Graeme Sumner says they've taken "prudent" measures to manage costs -- including a pay freeze and shedding staff.?

He says the industry's recovery is highly uncertain -- with air traffic expected to reach 50 per cent of pre-pandemic levels by mid-2021.