ANA 'nearly over the worst' of COVID downturn: exec

ANA Holdings on Friday posted a net loss of Y51.1b ($466m) for the April to June quarter, more than halving its Y108.8b net loss for the same period in 2020, thanks to cost-cutting measures amid lingering COVID-19 woes. The airline, referring to the swift recovery of its counterparts in the U.S., said the rollout of vaccines is key to attracting passengers, adding that as more people in Japan are vaccinated, people will fly more. "Although nearly 90% of the [earnings] period was under states of emergency, the number of domestic passengers far exceeded [the same period last year]. Everyone is taking thorough infection-prevention measures," Executive VP Ichiro Fukuzawa said. "It is appropriate to say that we are nearly over the worst." The operator of ANA sees signs of recovery. While it posted a sixth consecutive quarter of losses, the April to June loss was the smallest since January to March 2020, when the coronavirus first spread worldwide. Fukuzawa said the company's quarterly operating loss of Y64.6b was around Y15b better than expected. The airline kept its full-year forecast through March 2022 with Y3.5b of net profit. ANA Holdings boosted its bottom line by operating fewer flights and smaller planes, and by temporarily sending employees to outside companies, as outlined in its restructuring plan last October. The company also retired larger planes ahead of schedule last fiscal year, which lowered depreciation expenses. Record quarterly revenue for cargo also helped the carrier. ANA Executive VP Ichiro Fukuzawa believes his company is "nearly over the worst" when it comes to the downturn caused by the COVID-19 pandemic. Meanwhile, the company had 906.2b yen of cash, deposits and securities as of end of June. "We continue to have an adequate level for the operation," said Fukuzawa.<br/>