ANA's Net Profit Dives 75 Pct amid Virus Crisis

Economy

Tokyo, April 28 (Jiji Press)--ANA Holdings Inc. <9202> said Tuesday its group net profit plunged 75.0 pct in the year ended in March from the previous year to 27,655 million yen, as the coronavirus outbreak took a heavy toll on the Japanese airline.

The parent of All Nippon Airways saw its sales fall 4.1 pct to 1,974,216 million yen and its operating profit tumble 63.2 pct to 60,806 million yen.

In January-March, ANA posted an operating loss of 58.8 billion yen, its worst quarterly result.

A sales drop deals a heavy blow to an airline, which usually has high fixed costs such as aircraft lease fees and labor expenses.

Speaking at a press conference, ANA Chief Financial Officer Ichiro Fukuzawa said the company will cut costs by around 100 billion yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press