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All Nippon Airways Co. said Tuesday its first-quarter profit rose 11-fold as it sold a group of hotels, masking a drop in operating profit.

ANA’s net income increased to ¥87.4 billion in the three months to June 30, from ¥7.68 billion a year earlier, the carrier said. Operating profit fell 32.3 percent as fuel costs increased and the airline filled fewer seats.

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