ANA bounces back from COVID with first annual profit since 2020

ANA Holdings reported operating income of Y120b ($897) for the full year through March, its first annual profit since the 12 months that ended in March 2020 thanks to a rebound in travel demand. Japan’s biggest airline also gave a better-than-expected forecast for the coming year, saying operating profit should rise to Y140b, compared with analysts’ estimates of Y136b. Travel demand from North America, Oceania and most of Asia has improved since Japan started easing COVID-related restrictions in September, but the recovery from Europe and China still lags, CEO Koji Shibata said at a briefing in Tokyo on Thursday. Demand from Chinese tourists in the summer will “have further effect on our earnings,” he said. ANA has announced plans to increase weekly flights between Japan and China by around 50% by June. Separately, the Association of Asia Pacific Airlines said Thursday that international passenger numbers in the region jumped 495% from a year earlier to almost 20 million in March, back to 61% of pre-pandemic levels.<br/>