Air New Zealand chief executive Rob Fyfe has warned the airline will not have made money in the first half of this year.
Speaking on Bloomberg Television, Mr Fyfe said the airline had been affected by the earthquakes in Christchurch and Japan and floods in Queensland.
Mr Fyfe said it had been the toughest six months he has experienced in his six years as chief executive.
But he was upbeat about the Rugby World Cup, saying the tournament will ensure full planes and is potentially worth $30 - $40 million to the bottom line.
