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ANA Holdings Inc. said Tuesday it logged its biggest quarterly group net loss of ¥58.7 billion ($549 million) in the January to March period as the coronavirus pandemic sharply reduced demand for air travel.

The operator of All Nippon Airways Co. did not provide an earnings forecast for the current business year starting in April as the outlook remains unclear due to restrictions placed on the movement of people worldwide.

The company said its group net profit in the business year ended March plunged 75.0 percent from a year earlier to ¥27.66 billion. Its operating profit for the just-ended business year dived 63.2 percent to ¥60.81 billion on sales of ¥1.97 trillion, down 4.1 percent.

The aviation company said it has nearly secured a total of ¥950 billion including loans and credit lines provided by commercial banks to underpin its financing while demand for flights has substantially declined.

“We have no problem in our financing for the time being,” said Ichiro Fukuzawa, chief financial officer of ANA Holdings.

However, ANA plans to more than double the number of employees subject to taking three to five days a month of partially paid leave to about 43,000, or more than 90 percent of its group workforce, from the previously planned 20,000 as part of cost-cutting efforts while maintaining employment.

The company said it has cut 90 percent of international flights and 70 percent of domestic ones in April compared with its initial plan.

“The number of international and domestic passengers started sharply falling after the World Health Organization in March declared (the spread of the coronavirus as) a pandemic,” Fukuzawa said.

He said the company hopes the pandemic fades out by August and demand for air travel will gradually rebound later on. “However, we cannot expect demand for flights to rapidly increase even after the end of the virus spread, as the complete containment could take more time,” he added.

ANA’s international flights excluding those by its low-cost carriers carried 9.42 million passengers in the full year through March, down 6.7 percent from a year earlier, while domestic passengers declined 3.2 percent to 42.92 million.

The company decided to forgo its year-end dividend payout due to deteriorated earnings results. It had initially planned to offer 75 yen per share.

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