Japan's second-largest air carrier All Nippon Airways lost $278 million in the first half of fiscal 2009, ending Sept. 30, compared with a group net profit of $242 million a year earlier.
The ANA group's revenue from its overall operations tumbled 18.8 percent in the April-September period from the same six-month period last year to $6.7 billion.
ANA attributed the dismal results in the first half of fiscal 2009 to declining domestic and international passenger numbers and slumping cargo volume, especially on international routes.
"While we have implemented a range of measures to boost revenues and cut costs, we were unable to offset the slump in demand and fall in unit prices," ANA said in its earnings release.
ANA's group revenue from its international cargo operations plunged 44.8 percent in the April-September period on a year-on-year basis to $251 million. The ANA group carried 186,000 tons of freight on its international routes during that period, down 5.5 percent. The ANA group's international freight transportation volume during the same period totaled 819 million ton kilometers, down 10.4 percent.
ANA's group revenue from its domestic cargo operations also fell 3.8 percent in the first half of fiscal 2009 on a year-on-year basis to $173.6 million. The ANA group carried 229,000 tons of freight on its domestic routes between April and September, down 2.5 percent, and its domestic freight transportation volume during the same period amounted to 227 million ton kilometers, down 0.8 percent.
ANA did not give specific profit figures for its cargo operations.
"International cargo volumes showed signs of demand gradually returning from February this year, thanks to domestic demand stimulus measures in China. However, both cargo volumes and unit prices fell year-on-year, due to factors including intensifying competition and a revision to fuel surcharges," ANA said.
"Domestic cargo volumes dropped overall year-on-year, partly due to downsizing of aircraft, although home parcel delivery services using flights centered on Okinawa held steady," ANA said.
ANA also revised downward its group revenue and profit forecasts for the whole of fiscal 2009, which were announced in late April. The group now projects $13.9 billion in revenue, down 9.5 percent from fiscal 2008; $219.8 million in operating loss, compared with an operating profit of $82.4 million in fiscal 2008; $307.7 million in net loss, compared with a net loss of $46.2 million in fiscal 2008, which was the first full-year net loss in six years.
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