Quantcast
Japanese airline ANA raises full-year loss estimate – Metro US

Japanese airline ANA raises full-year loss estimate

FILE PHOTO: All Nippon Airways’ planes are seen at Haneda
FILE PHOTO: All Nippon Airways’ planes are seen at Haneda airport in Tokyo

(Reuters) – Japanese airline ANA Holdings Inc lifted on Friday its full-year operating loss estimate to 175 billion yen ($1.37 billion) from 125 billion yen previously because domestic and international revenue had failed to meet its expectations.

The airline, which ended its financial year on March 31, cited the impact of the Omicron variant of the coronavirus in the fourth quarter, continued border restrictions and rising fuel costs among the factors affecting its estimate.

Rival Japan Airlines Co Ltd said last week it expected to report a wider full-year loss than its prior forecast for similar reasons.

In the third quarter, ANA had surprised the market with a small operating profit, its first since the start of the pandemic, as it benefited from cost cuts and record cargo revenue..

ANA said on Friday that international cargo revenue had remained strong during the fourth quarter.

($1 = 127.8200 yen)

(Reporting by Jamie Freed in Sydney; Editing by Muralikumar Anantharaman)

More from our Sister Sites