AIR NEW ZEALAND, the subject of a friendly proposed takeover by Qantas, who are trying to acquire a 25% stake, has made a much increased profit of $94m in the year ended 30 June. This is in spite of the difficulties experienced, particularly in the Far East, due to SARS. Qantas itself suffered a 20% drop in the same period, the airline even more exposed to the international ailments of the industry. Pre-tax profits fell to $331m for the same12-month period with the second half of the year actually making a loss. http://www.airnewzealand.com