UPDATED 9.26AM: Air New Zealand has chalked up record pre-tax earnings of almost $500 million - a record for the national carrier.

The company says normalised earnings before taxation for the 2015 financial year are $496 million - up 49.6 percent on last year.

But those earnings fall short of the airline's June guidance of between $520 million to $530-million.

Operating revenue has risen six percent to $4.93 billion.

The airline's net profit after tax is $327 million - an increase of 24 percent from $263 million a year earlier.

Chairman Tony Carter says the airline's strategic initiatives over the past three years have positioned it well to take advantage of market dynamics.

Over the last year, Air NZ has increased both passenger numbers and capacity and has been boosted by cheap fuel prices.

The airline will pay a bonus of up to $1400 to eight thousand staff not on other incentive schemes, on the back of the result.

It will pay a fully imputed ordinary dividend of 9.5 cents per share, taking the full-year dividend to 16 cents per share.