TOKYO--(Marketwire - April 30, 2010) - ANA Group (
While the economy has seen a steady recovery from the global recession triggered by the financial crisis in the United States, conditions for the aviation industry remain severe. High oil prices and deflation caused by fluctuation of exchange rates and falling consumer prices continue to contribute to this harsh environment. These economic conditions have had a significant effect on our business, to an extent not experienced in recent years.
"In the midst of the global recession brought on by the financial crisis in the U.S., aviation demand also dropped due to the effects of the N1H1 influenza in the first half of the year. These factors brought on an extremely harsh business environment at a level of severity we have never seen before", said ANA executive vice president, Tomohiro Hidema. "While we have worked to implement a wide variety of measures to stimulate demand on both our domestic and international routes and have succeeded in creating some demand in the leisure market, recovery for business travel and in unit prices remains slow, causing revenues to fall far below forecasted levels. Furthermore, in addition to our initial cost reduction measures, we carried out an additional 100 billion yen in cost cuts under our 2009 Emergency Income Recovery Plan. These actions proved insufficient in offsetting the overall drop in revenue," he continued. "Going forward, we will work with the ANA Group 2010-2011 Corporate Strategy, focusing on working toward stable, sustainable growth based around global passenger and cargo transport operations. By doing so our aim is to overcome this highly challenging environment and move closer to our goal, which is to become Asia's leading corporate group."
The following results refer to the twelve month period April 1, 2009 - March 31, 2010. Results for the fourth quarter (January 1 - March 31, 2010) are given for reference only and appear in the right side of each table.
NOTE: For the detailed report, please refer to the attached file:
http://www.rns-pdf.londonstockexchange.com/rns/1099L_1-2010-4-30.pdf
Contact Information:
Contact:
ANA Public Relations
TEL +81-(0)3-6735-1111