In a reminder that the global crisis is still affecting Japanese firms, Japan's second biggest airline, All Nippon Airways, has announced its first annual net loss in six years, totalling 4.26 billion yen ($44 million), due to falling demand.
AFP - All Nippon Airways, Japan's second-largest carrier, announced Thursday its first annual loss in six years as the global economic downturn depresses demand for air travel.
ANA posted a net loss of 4.26 billion yen (44 million dollars) for the financial year to March. The previous year it had logged 64.1 billion yen in profit, boosted by the sale of its hotels.
For the current year, ANA forecast a net profit of 3.0 billion yen.
"2008 was a disastrous year for business in general, with airlines around the world hit by the lack of consumer confidence and commercial activity, and ANA was no exception," said company vice president Tomohiro Hidema.
"While we expect the recession to continue, leaving us in an operating environment the likes of which we have never seen before, we will push on with initiatives to increase demand and reduce costs, so that we can ride out the worst and engineer a return to the black," Hidema said.
Date created : 2009-04-30