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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Japan's ANA cuts profit forecasts, reports down in H1 profits AFP - Saturday, November 1 TOKYO (AFP) - - All Nippon Airways, Japan's second largest carrier, on Friday revised down its full-year profit forecasts by more than one-third as demand for air travel slows due to the global economic crisis. ANA said it cashed in by boosting routes to Beijing for the Olympic Games, although overall demand was sluggish through much of the first half. For the year to March 2009, the airline said it now expected net profit of 17 billion yen (173 million dollars), down from a previous estimate of 27 billion yen. It now predicts operating profit of 55 billion yen, down from 80 billion, on sales of 1.46 trillion yen, down from 1.51 trillion in the previous forecast. "Amid a slowing economy at the global level, Japan's economic sentiment is getting more severe," it said in a statement. ANA said the airline industry expected "a decline in tourism along with weak consumer demand as well as a decline in business demand." For the first half through September, ANA reported a net profit of 22 billion yen, a sharp drop from 105.50 billion a year earlier. Sales slipped 1.3 percent from the previous year to 753.33 trillion yen on operating profit of 49.84 billion yen, down 25.7 percent. The worse performance in the six months to September was attributed to a decline in profit on domestic routes accompanied by high fuel costs, it said. But sales grew on international routes, boosted by the Olympics. Sales for domestic routes fell by 9.08 billion yen to 391.24 billion yen while revenue on international routes rose by 10.49 billion yen to 209.42 billion yen, it said. ANA has in recent years consistently outperformed its larger rival Japan Airlines by hedging high fuel costs and making efforts to cut fixed costs. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Treasury bill rates fall even as stocks reboundAP - Saturday, November 1 Evidence of a recession grows higherAP - Saturday, November 1 Vodafone offers Storm free in U.K. with 2-yr planReuters - Saturday, November 1 Ag futures fall on Chicago Board of TradeAP - Saturday, November 1 TOPWRAP 13-Gloomy US consumers cut spending, Japan cuts ratesReuters - Saturday, November 1 Enlarge Photo Japan's ANA cuts profit forecasts, reports down in H1 profits Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Japan joins wave of rate cuts as recession fears grow McCain, Obama step up battleground blitz Australian F1 race posts record financial loss BBC chief quits, star presenter suspended over offensive prank When men see red, they see hot: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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