ANA slashes profit forecast by 71% because of pandemic
TOKYO: Japanese airline ANA Holdings on Monday slashed its annual net profit forecast by 71 per cent over massive falls in demand and major cancellations caused by the coronavirus pandemic.
For the past fiscal year to March 2020, the firm said it now expects a net profit of ¥27 billion , down from an earlier projection of ¥94 billion.Operating profit is now seen at 60 billion yen, compared with an earlier expectation of ¥140 billion. Sales are now projected to fall to ¥1,970 billion, compared with ¥2,090 billion.
But the pandemic has forced the Games to be delayed by a year and severely damaged Japan's tourism sector, while many countries have cancelled or limited international and domestic travel. The announcement was made shortly after Tokyo's Stock Exchange closed. Shares in ANA ended 0.47 per cent higher at ¥2,483.
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