Japan's ANA logs record quarterly $1b loss on pandemic
ANA Holdings said Wednesday it saw a record quarterly loss worth $1b as the coronavirus continues to hammer the global aviation industry with no clear end in sight. The company said its net loss during the April-June period came to Y108.8b, its worst three-month return since it began issuing quarterly financial figures in 2003 and a sharp fall from Y11.4b in profit a year ago. Its operating loss reached Y159.0b, compared with an operating profit of Y16.2b a year ago, with sales of Y121.6b, down 75.7%. “Passenger demand for both international and domestic flights declined significantly, due to worldwide government travel restrictions and the declaration of the state of emergency from the Japanese government,” said Ichiro Fukuzawa, CFO of ANA Holdings. ANA has attempted to cut costs and take other measures to ease the damage, he said. “While we aggressively worked to offset lost revenue by catering to the increased demand for international cargo transportation … we were unable to offset the unprecedented impact of COVID-19 and ended with a large quarterly loss,” he said. ANA did not issue annual forecasts due to high uncertainty involving the outlook of the pandemic.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-07-30/star/japans-ana-logs-record-quarterly-1b-loss-on-pandemic
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Japan's ANA logs record quarterly $1b loss on pandemic
ANA Holdings said Wednesday it saw a record quarterly loss worth $1b as the coronavirus continues to hammer the global aviation industry with no clear end in sight. The company said its net loss during the April-June period came to Y108.8b, its worst three-month return since it began issuing quarterly financial figures in 2003 and a sharp fall from Y11.4b in profit a year ago. Its operating loss reached Y159.0b, compared with an operating profit of Y16.2b a year ago, with sales of Y121.6b, down 75.7%. “Passenger demand for both international and domestic flights declined significantly, due to worldwide government travel restrictions and the declaration of the state of emergency from the Japanese government,” said Ichiro Fukuzawa, CFO of ANA Holdings. ANA has attempted to cut costs and take other measures to ease the damage, he said. “While we aggressively worked to offset lost revenue by catering to the increased demand for international cargo transportation … we were unable to offset the unprecedented impact of COVID-19 and ended with a large quarterly loss,” he said. ANA did not issue annual forecasts due to high uncertainty involving the outlook of the pandemic.<br/>
