TOKYO (AFP) – Japan’s biggest airline ANA yesterday upheld its forecast for a record USD4.9 billion net loss this financial year, but said the worst of the global virus slowdown had passed.
ANA Holdings’ nine-month net loss came to JPY309.6 billion (USD3 billion) – also a record, and a sharp drop from the JPY86.4 billion in profit it logged during the same April-December period last year.
“The airline industry has faced an unprecedented, worldwide and severe contraction,” caused by “dramatically decreased” passenger demand due to border restrictions and stay-at-home requests in Japan, ANA said in a statement.
“Under these economic conditions, operating revenues decreased to JPY527.6 billion,” a drop of 66.7 per cent from the same period a year earlier, it said. However, compared with earlier this financial year, the latest results give “a clear indication that our recovery is already under way,” said Ichiro Fukuzawa, ANA’s executive vice-president and chief financial officer.
“With the worst of the global slowdown behind us, our group is committed to providing safe, reliable and convenient travel options to meet passenger demand” while continuing to adjust operations to maximise efficiency, he said.
ANA maintained its forecast of a record net loss of JPY510 billion (USD4.9 billion) for the fiscal year to March 2021, compared with JPY27.6 billion in net profit the previous year.
For the nine-month period, operating loss stood at JPY362.4 billion, compared with JPY119.7 billion in profit in the previous year.