ANA Holdings Cuts Net Profit Estimate by 70 Pct

Tokyo, April 20 (Jiji Press)--ANA Holdings Inc. <9202> said Monday that it has cut its group net profit estimate for fiscal 2019, which ended in March, by 71.3 pct to 27 billion yen, taking a pounding from a slump in travel demand amid the new coronavirus pandemic. The new projection is down 75.6 pct from the fiscal 2018 net profit, according to the company, which has All Nippon Airways under the wing. ANA Holdings' estimate for group operating profit was also lowered, by 57.1 pct to 60 billion yen, down 63.6 pct from fiscal 2018. The group sales estimate was cut by 5.7 pct to 1.97 trillion yen, down 4.3 pct from the preceding year. The company previously anticipated year-on-year growth for fiscal 2019 sales. Travel demand has been falling sharply, as border controls have been strengthened around the world and people in Japan have been urged to refrain from nonessential outings to help stop the spread of the virus. Domestic and international flight reservations with the ANA group are both down 90 pct from the year-before levels. ANA Holdings will announce its fiscal 2019 group earnings on April 28. END