Japan’s ANA likely to suffer $5 bln net loss this year

Japanese airline operator ANA Holdings is expected to suffer a net loss of around 530 billion yen ($5 billion) for the fiscal year ending in March after the COVID-19 pandemic battered demand for travel, Kyodo News reported on Wednesday.

However, ANA Holdings said on Wednesday this fiscal year’s earnings forecast was yet to be decided, responding to media reports.

Japan’s biggest airline, ANA, has turned to billions of dollars in loans and a government tourism campaign to weather the slump in air travel and could take advantage of accounting rules to avoid aircraft writedowns.

Kyodo also reported that ANA plans to cut its fleet of wide-body aircraft by half as part of its restructuring plans expected to be disclosed later this month.

($1 = 105.3900 yen)