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Thursday, May 1, 2008

Hotel sale propels ANA profit up 96.4%

Staff writer

All Nippon Airways Co. said Wednesday its group net profit rose 96.4 percent from a year earlier to a record ¥64.14 billion for the business year ended in March, due to special profit earned from sales of a hotel asset to streamline its business.

But Japan's second-largest carrier logged an 8.5 percent fall in operating profit because of rising energy costs and accelerated depreciation of aircraft to renew its fleet. ANA said energy costs rose ¥30.6 billion from the previous year.

As for charges by the European Commission in December that ANA participated in an illegal cargo cartel, the airline said it had set aside ¥16.2 billion for possible penalties.

"The amount of the reserve is what we have decided with our auditors, ANA Executive Vice President Shin Nagase told a news conference.

In December, the European Commission — the European Union's antitrust watchdog — officially conveyed the charges to air freight companies, including ANA and several other airliners.

For the business year ending next March, ANA expects operating profit to fall 5.2 percent to ¥80 billion.

It expects group net profit to drop 57.9 percent to ¥27 billion for the year.

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The Japan Times

Article 5 of 9 in Business news

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