ANA Cuts Full-Year Projections amid U.S.-China Trade War
Tokyo, Oct. 30 (Jiji Press)--ANA Holdings Inc. <9202> has lowered its earnings projections for the year through March 2020, due to sluggish international air cargo operations and weak demand for international business trips amid the U.S.-China trade war.
The parent of All Nippon Airways cut its group sales estimate to 2,090 billion yen from 2,150 billion yen, the operating profit projection to 140 billion yen from 165 billion yen and the net profit forecast to 94 billion yen from 108 billion yen, according to an announcement made Tuesday.
"At the moment, there's no prospect for an early recovery" in the international cargo business, ANA Holdings Executive Vice President Ichiro Fukuzawa said.
The latest projections take into account the impact of flight cancellations due to Typhoon Hagibis in mid-October, which are believed to have pushed down the company's revenues by 5 billion to 6 billion yen.
The projections also reflected a slump in demand for flights between Japan and South Korea due to their soured relations and intensifying competition with rival low-cost carriers.
[Copyright The Jiji Press, Ltd.]