Air New Zealand's CEO isn't holding back his frustration about the issues plaguing some of its engines.

The airline's earnings, underlying profit, and net profit have all more than halved.

Air New Zealand is one of several airlines that have seen planes taken out of action due to engine issues.

CEO Greg Foran says the newer planes have been plagued by engine issues - creating problems for the airline.

"The older planes we've got, we're not having to take engines off and get them all serviced. But the newer ones - we did."

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