ANA Group has reported its financial results for the six months ended September 30, 2020. In the first six months of fiscal year 2020 (April 1, 2020 – September 30, 2020) although the Japanese economy is in a difficult position due to the effects of COVID-19, including a sudden decrease in corporate earnings and a weakening trend in terms of employment, ANA released that it is now seeing movement toward a recovery.
Under the current economic conditions, operating revenues decreased rapidly to 291.8 billion yen due to the severe impact on all segments. ANA Group implemented cost-reduction measures of 333.0 billion yen by decreasing the fixed expenses, in addition to reducing variable expenses due to curbing the scale of operations. However, due to the extremely large reduction in operating revenues, operating loss was 280.9 billion yen, ordinary loss was 268.6 billion yen and net loss attributable to owners of the parent was 188.4 billion yen due to the recording of deferred tax asset of about 76 billion yen, etc.
“Compared with the first quarter, the second quarter has recovered significantly, which proves that we’ve already bottomed out and are seeing dramatic recovery.”, said Ichiro Fukuzawa, Executive Vice President and Chief Financial Officer of ANA Holdings. “Though we have faced cumulative losses in the first half of the fiscal year, the entire organization has shown strength and resolve in uniting to make the necessary sacrifices and support the required changes to get us through this COVID-19 outbreak and positioned for the future. I am confident that the shared spirit of the ANA Group and its employees, combined with our Business Structure Reform Plan, we will lead to future growth and success.” (1 JPY = 0.00955411 US$ at time of publication)Email Post to a Friend