Air New Zealand's annual profit caught many by surprise because of the strength of the company's balance sheet and the declaration of a special dividend.
The profit gave the Government, along with investors, something to smile about.
Air New Zealand has risen in value substantially since it was bailed out in 2002 by the then Labour government.
It now has more than $1 billion in cash, serious money considering the state of Qantas, Australia's national carrier, and Virgin Australia.
The reaction to the profit may have caught Air New Zealand by surprise - but then again, surely not.
Given the way regional centres believe they have been treated by the airline, it cannot be surprising to chairman Tony Carter or chief executive Christopher Luxon many customers outside Christchurch, Wellington and Auckland feel aggrieved.
Dunedin has felt the effect of reduced services for decades as airlines come and go and routes and times alter seemingly without much thought or consideration to the convenience of people trying to get to and from the city.
Regional airfares were in the spotlight recently when a Nelson woman and her husband paid $1352 for last-minute return tickets from Nelson to Dunedin for a funeral.
And there's the rub.
Travellers can save on fares if they book well in advance through various promotions.
However, fare prices escalate quickly the closer a departure date looms.
Travellers - especially those involved in business - who choose not to live in crowded metropolitan areas are therefore penalised.
The New Zealand Airports Association welcomes Air New Zealand's commercial success but says the regions are right to question whether provincial routes are generating excessive earnings.
With three successive growing profits, and the promise of better to come, the association says the situation could be resolved by the Commerce Commission introducing an information disclosure regime for regional airlines with monopolies on routes.
Prime Minister John Key waded into the debate (it is an election year and he is touring the regions, mainly by air) while facing questions on the issue.
Mr Key says he has spoken to Air New Zealand about price-gouging on regional airfares, raising the issue directly with Mr Luxon.
He was assured by Mr Luxon that Air New Zealand was focused on the issue.
There is a counter claim to the argument regarding profits and profitability of Air New Zealand, and one only has to look across the Tasman for clear comparisons.
Qantas was at one stage the world's most profitable airline.
It is now one of the at-risk airlines operating in the Asia-Pacific region.
Virgin Australia reported a full-year more than $236 million loss yesterday.
It also announced it had sold a 35% stake in its frequent flyer programme in a deal to increase its cash balance and reduce its gearing.
Air New Zealand has made a decision to focus on profitable routes, and therefore has built up a substantial buffer against global turbulence.
The debate is whether Air New Zealand should be prepared to take a loss on some regional routes and report a smaller profit, upgrade fewer of its existing aircraft or cut back on orders for new long-distance airplanes.
A smaller profit puts risk back on investors, including general taxpayers who still command a stake in the company through the Government's 52% ownership.
Are we prepared as a nation to wear the risk of another bail-out if the airline continues with loss-leading flights to the regions?
Are enough people prepared to use the flights?
It is understood some of the smaller aircraft flying out of regional centres several times a day will soon be replaced by one larger aircraft flying just once a day.
Is this acceptable to the centres affected?
What Mr Key, other politicians and Air New Zealand need to realise is the downgrading of regional flights is not just an election issue - it is a matter of survival for many regions.
Messrs Carter and Luxon would be wise to pay heed to the growing dissatisfaction and offer some succour to avoid outright rebellion.
