The chief of ANA Holdings Inc. on Monday pledged to implement company-wide reforms in response to reduced demand during the coronavirus pandemic, with the airline industry expecting a long-term downturn due to government travel restrictions.
Speaking at a general shareholders' meeting in Tokyo, ANA President and CEO Shinya Katanozaka remained confident the company can start to grow once again, saying, "For a revival in the world economy, the aviation business is essential."
Katanozaka said the group secured credit worth ¥1 trillion to underpin its finances, telling shareholders that it will make the utmost efforts to achieve a speedy recovery in earnings.
The group, which operates All Nippon Airways Co., is expected to disclose its reform plan in July.
The collapse of air travel demand has battered Japanese and foreign airlines.
About 90 percent of ANA Holdings' international flights will be cut or canceled in July due to worldwide travel restrictions, while domestic flights are set to recover to about half of the number it would normally operate.
The group logged its largest quarterly net loss of ¥58.7 billion in the January to March period.