(Reuters) – Auckland International Airport Ltd on Thursday posted a second straight year of loss but said it would return to profit in 2023 as air travel demand picks up pace and New Zealand loosened its border curbs on lower COVID-19 cases.

New Zealand’s biggest airport operator expects an underlying profit after tax in the range of NZ$50 million to NZ$100 million ($31.39 million and $62.78 million) for the fiscal year 2023.

It reported an underlying loss after tax of NZ$11.6 million for fiscal 2022.

($1 = 1.5929 New Zealand dollars)

(Reporting by Riya Sharma and Roushni Nair in Bengaluru; Editing by Arun Koyyur)