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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Japan's ANA reports biggest loss in a decade AFP - Saturday, May 1 Send IM Story Print Japan's ANA reports biggest loss in a decade Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – Japan's All Nippon Airways (ANA) Friday reported its biggest loss in a decade for the year to March with air travel demand hit hard by the global economic downturn and swine flu. But Japan's second biggest carrier expects to return to profit in the current year mainly on cost reductions and an expected rise in flight numbers with the opening of a new runway at Tokyo's Haneda airport. ANA incurred a group net loss of 57.4 billion yen (610 million dollars) in fiscal 2009, smaller than its own projection of a 65 billion yen loss announced in March but still much higher than the year-before loss of 4.3 billion yen. It was the biggest fall into the red since the company started announcing consolidated results in the year to March 2001. "Air transport demand saw an unprecedented large drop," ANA executive vice president Tomohiro Hidema told reporters, adding that cost-cutting efforts fell short of making up for deep revenue falls. ANA's operating loss reached 54.2 billion yen, compared with an operating profit of 7.6 billion a year ago. Sales fell 11.8 percent to 1.23 trillion yen. High oil prices, fluctuating foreign exchange rates and Japan's falling consumer prices continued to deteriorate business conditions "to an extent not experienced in recent years," ANA said in a statement. "In the midst of the global recession brought on by the financial crisis in the United States, aviation demand also dropped due to the effects of (swine flu) in the first half of the year," it said. For the year to March 2011, ANA forecast a net profit of 5.0 billion yen and operating profit of 42.0 billion yen, on sales of 1.36 trillion yen. Some improvement was seen for leisure passengers, but recovery was slow for business travel, the company said. ANA is also eyeing the opening in October of a fourth runway at Tokyo's Haneda airport -- which is nearer the capital than the main hub of Narita -- with plans to increase the number of flights it runs from there. The firm said the aviation chaos caused by the ash cloud over Europe from the eruption of an Icelandic volcano in April would be only a minor factor and trim the group's revenue by some one billion yen. "The impact on a net basis would be half of these figures, which would not big enough to make us to revise (the forecast figures)," Hidema said. ANA's struggling rival, Japan Airlines, which filed for bankruptcy protection this year, said this week it was to cut 45 more international and domestic routes this financial year in a bid to return to profitability. Hidema said JAL's plans were unlikely to significantly affect ANA. "We haven't finished examining the plans... but I believe they are unlikely to affect our earnings much," he said, noting JAL's withdrawal would make ANA the sole provider of service only on a limited number of routes. The executive also ruled out the possibility ANA may reappraise the Airbus A380, the world's biggest passenger aircraft, anytime soon. Dow Jones Newswires earlier quoted Hitoshi Kawahara, ANA's director of international and regulatory affairs, as saying the carrier was now "more interested" in the A380 to match some other international airlines. Hidema said: "Given the recent slump in the aviation industry surrounding our company, we are not in the situation of making in-depth discussions again or opening a (in-house) committee to select aircraft." 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