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Wednesday, May 31, 2023

Japan’s ANA makes quarterly profit sooner than expected

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ANA, the national airline of Japan, has returned to operating profit earlier than planned, making a tiny profit for the third quarter.

ANA Group achieved a profit of JPY 0.1 billion ($871,622) in the three months ending December 31, 2021, according to the company’s owner. It had hoped to turn a profit only in the fourth quarter of the previous fiscal year.

The third-quarter result was attributed to solid freight, recovering domestic demand, and cost management, according to ANA.

“We have adjusted our practices, but our commitment to offering unparalleled service and convenience remains unchanged. As the recovery continues, the ANA Group will continue seeking opportunities for growth and expansion with increased profitability,” chief financial officer Ichiro Fukuzawa commented in a statement on February 1, 2022.

ANA introduced a B777F freighter for services to Hong Kong, Taipei, and Qingdao. It also flew cargo-only flights to North America aboard passenger planes.

Cargo revenues reached JPY99.3 billion ($0.86 billion) in the third quarter, a new high for the fifth quarter in a row.

Domestic passenger volumes and revenue at ANA’s low-cost unit Peach Aviation (October-December) topped pre-COVID levels, according to the company. “Peach will continue to closely monitor signals of demand recovery in order to expand the network further,” it stated. However, the low-cost carrier’s foreign services are still suspended.

Domestic passengers and revenue returned to the highest levels since the start of the pandemic at ANA’s mainline brand, albeit at half of the pre-COVID levels.

Despite the earlier-than-expected return to profit in the quarter, the company is not changing its full-year financial projections.

In the 12 months ending March 31, 2022, ANA estimates operational revenues of JPY1,060 billion ($9.2 billion) and operating income of JPY125 billion ($1.09 billion).


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