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Japan carrier ANA Holdings raises profit estimate on cheaper fuel, yen rise

Published 04/21/2023, 03:01 AM
Updated 04/21/2023, 03:06 AM
© Reuters. FILE PHOTO: An employee of All Nippon Airways (ANA) works in front of the company logo at New Chitose airport in Chitose, northern Japan July 3, 2012. All Nippon Airways Co said on Tuesday it is raising up to $2.6 billion through the issue of as many as o

TOKYO (Reuters) - Japan's largest airline ANA Holdings Inc on Friday raised its profit estimate for the just-ended fiscal year, citing a decline in fuel costs and an uptick in the yen.

The company now expects operating profit of 120 billion yen ($897 million) in the year through March 2023, up from an earlier guidance of 95 billion yen, it said in a statement. Official full-year results are scheduled for release on April 27.

International passenger revenues were strong in the fourth quarter due to a recovery in demand for business and inbound travel following Japan's easing of pandemic border controls, ANA said. International cargo revenue remains stagnant, it said.

© Reuters. FILE PHOTO: An employee of All Nippon Airways (ANA) works in front of the company logo at New Chitose airport in Chitose, northern Japan July 3, 2012. All Nippon Airways Co said on Tuesday it is raising up to $2.6 billion through the issue of as many as one billion new common shares to buy new planes and to bolster its finances as it faces a resurgent rival in Japan Airlines. REUTERS/Issei Kato

ANA said in a mid-term plan in February it expects operating profit to grow to 200 billion yen in fiscal 2025. The airline's fleet will rise to around pre-pandemic levels of 295 in fiscal 2025 and exceed that level in fiscal 2030.

($1 = 133.8100 yen)

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