ANA Holdings (ANA HD) has released its financial results for the financial period ended December 31, 2020. In the first nine months (April 1, 2020 – December 31, 2020) of fiscal year 2020 ANA faced an unprecedented, worldwide and severe contraction, resulting from passenger demand which dramatically decreased by immigration restrictions and stay-at-home requests in Japan.
Under these economic conditions, operating revenues decreased to 527.6 billion yen due to the severe impact across all segments. As a result, ANA HD implemented measures to cut costs by 473.0 billion yen through reducing fixed costs, in addition to reducing variable expenses by curbing the scale of operations. However, due to the extremely large reduction in operating revenues, operating loss was 362.4-billion-yen, ordinary loss was 350.7 billion yen, and net loss attributable to owners of the parent was 309.5 billion yen.
ANA HD recorded special losses of 76.0 billion yen for business transformation expense, due to large-scale retirement of aircrafts aimed at improving the revenue balance. (US$1.00 = 104.95 Japanese yen at time of publication.)
