TOKYO (AFP) – Japanese airline ANA Holdings said yesterday it saw a record quarterly loss worth one billion dollars as the coronavirus continues to hammer the global aviation industry with no clear end in sight.
The company said its net loss during the April-June period came to JPY108.8 billion (USD1.04 billion), its worst three-month return since it began issuing quarterly financial figures in 2003 and a sharp fall from JPY11.4 billion in profit a year ago.
Its operating loss reached 159.0 billion yen, compared with an operating profit of JPY16.2 billion a year ago, with sales of JPY121.6 billion, down 75.7 per cent.
“Passenger demand for both international and domestic flights declined significantly, due to worldwide government travel restrictions and the declaration of the state of emergency from the Japanese government,” ANA Holdings Chief Financial Officer Ichiro Fukuzawa said in a statement. ANA has attempted to cut costs and take other measures to ease the damage, he said.
While we aggressively worked to offset lost revenue by catering to the increased demand for international cargo transportation… we were unable to offset the unprecedented impact of COVID-19 and ended with a large quarterly loss,” he said.
ANA did not issue annual forecasts due to high uncertainty involving the outlook of the pandemic.
The company reduced its international passenger services to an eye-watering 13.8 per cent of activity from the same period last year.
The remaining services were used mainly to repatriate Japanese nationals from abroad, and to let others leave for foreign countries.