TOKYO — ANA Holdings, the parent company of All Nippon Airways, on Friday reported a consolidated net loss of 404.6 billion ($3.7 billion) for the year ended March as it suffers from a sharp decline in passengers due to the ongoing coronavirus pandemic.

ANA posted an operating loss of 464.7 billion yen. Although the net loss is its largest deficit ever, it was 105 billion yen higher than the forecast reported last October of a net loss of 510 billion yen for the full year, thanks to the company’s efforts to lower costs such as a reduction in the number of scheduled flights.

Sales declined 63.1% to 728.6 billion yen on plunging airline revenue, which accounted for more than 80% of total revenue prior to the pandemic.

Japan’s leading carrier projects that sales will rise 89.4% to 1.38 trillion yen for the current fiscal year, generating a net profit of 3.5 billion yen.

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