ANA reports biggest quarterly group net loss in January-March period

ANA Holdings said Tuesday it logged its biggest quarterly group net loss of Y58.7b (US$549m) in the January to March period as the coronavirus pandemic sharply reduced demand for air travel. The operator of ANA did not provide an earnings forecast for the current business year starting in April as the outlook remains unclear due to restrictions placed on the movement of people worldwide. The company said its group net profit in the business year ended March plunged 75.0% from a year earlier to Y27.66b. Its operating profit for the just-ended business year dived 63.2% to Y60.81b on sales of Y1.97t, down 4.1%. The aviation company said it has nearly secured a total of Y950b including loans and credit lines provided by commercial banks to underpin its financing while demand for flights has substantially declined. However, ANA plans to more than double the number of employees subject to taking three to five days a month of partially paid leave to about 43,000, or more than 90 percent of its group workforce, from the previously planned 20,000 as part of cost-cutting efforts while maintaining employment. The company said it has cut 90% of international flights and 70% of domestic ones in April compared with its initial plan.<br/>