ANA Holdings reports biggest quarterly net loss
Japan’s ANA Holdings Inc. posted its largest quarterly net loss of 58.7 billion yen ($549 million) as full-year profits plunged 75%.
Net profit was just 27.66 billion yen for the year just ended in March and the airline group has declined to give a forecast for the current year due to the uncertainty over the Covid-19 pandemic.
It also declined to pay a shareholder dividend.
However, it had some more positive news after securing additional funds of 950 billion yen ($8.8 billion) through bank loans and credit lines.
"We have no problem in our financing for the time being," said Ichiro Fukuzawa, chief financial officer of ANA Holdings.
Fukuzawa expects the collapse in global travel to start slowly rebounding by around August this year.
"We cannot expect demand for flights to rapidly increase even after the end of the virus spread, as the complete containment could take more time," he added.
ANA has cut 90% of international flights in April and its domestic flight schedule has shrunk by 70%.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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