ANA swings to Q3 operating loss on virus-related travel curbs

ANA Holdings swung to a slightly narrower than expected quarterly operating loss on Friday but kept its forecast for a record full-year loss as fresh coronavirus travel restrictions hit the industry. ANA reported an operating loss of 81.4b yen ($779.10m) for the quarter to Dec. 31, from a 40.7b yen profit a year ago, slightly better than an average 83.8b yen loss estimated by three analysts in a Refinitiv poll. It maintained its full-year forecast for a record operating loss of 505b yen. That compares with an average 472b yen loss forecast by 10 analysts in a Refinitiv survey. CFO Ichiro Fukuzawa said this was due to bigger-than-planned cost cuts and a strong demand of international freight services. He added that the airline is currently not thinking of selling assets other than aircraft. Comparing Q3 “to results from earlier in the year provides a clear indication that our recovery is already underway”, Fukuzawa said. However, ANA said domestic traffic had begun to decline in December when a fresh wave of COVID-19 cases in Japan undermined an earlier recovery and led the government to end a subsidised tourism campaign.<br/>