Air New Zealand's profits are down by 21 percent, but the airline's chief Christopher Luxon said he's pleased with the way the company is travelling.
It's recorded a net profit of $382 million dollars in the year to June - it's second biggest surplus ever.
"We actually handled an unprecedented amount of competition. We had 10 new airlines show up in New Zealand in 12 months."
Despite the turbulence, Christopher Luxon said there is still plenty to crow about.
"We had a really good customer satisfaction score ... and number one employer for the business as well."
Mr Luxon said in his five years in charge, the past year is the one he's most proud of.