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ANA's net profit soars 51pc despite weaker cargo revenue
All Nippon Airways (ANA) Holdings' Group reported a surge of 51 per cent in net profit to US$449.8 million in the first half of the financial year from April-September compared to the same period last.
However group revenue from international cargo operations fell 2.4 per cent in the six-month period to $481 million in the first half of the current fiscal year over the same in 2014, according to media reports.
The airline said the drop in cargo revenue was despite efforts to capture cargo normally moving through West Coast ports that was delayed because of congestion.
ANA tried to capture demand for shipping auto parts from Asia to North America via Japan and also leveraged its cargo hub in Okinawa to try and win more express cargo contracts while the company's joint venture with Lufthansa Cargo was expanded in August to cover more routes between Europe and Japan.
But these efforts were not enough to offset weak demand between Europe and North America and Japan following the yen's depreciation. The group is expected to struggle to turn around its slumping cargo operations in the second half of the current fiscal year amid growing economic uncertainty both at home and abroad.
The Tokyo-based company's revenue from overall operations rose 6.6 per cent in the April-September period from the same six-month period of 2014, totaling $7.5 million.
The company's full-year projections are $14 billion in group revenue, which is up 4.5 per cent from fiscal 2014 and $432 million in group net profit, which is up 32.5 per cent from last year remains unchanged
However group revenue from international cargo operations fell 2.4 per cent in the six-month period to $481 million in the first half of the current fiscal year over the same in 2014, according to media reports.
The airline said the drop in cargo revenue was despite efforts to capture cargo normally moving through West Coast ports that was delayed because of congestion.
ANA tried to capture demand for shipping auto parts from Asia to North America via Japan and also leveraged its cargo hub in Okinawa to try and win more express cargo contracts while the company's joint venture with Lufthansa Cargo was expanded in August to cover more routes between Europe and Japan.
But these efforts were not enough to offset weak demand between Europe and North America and Japan following the yen's depreciation. The group is expected to struggle to turn around its slumping cargo operations in the second half of the current fiscal year amid growing economic uncertainty both at home and abroad.
The Tokyo-based company's revenue from overall operations rose 6.6 per cent in the April-September period from the same six-month period of 2014, totaling $7.5 million.
The company's full-year projections are $14 billion in group revenue, which is up 4.5 per cent from fiscal 2014 and $432 million in group net profit, which is up 32.5 per cent from last year remains unchanged
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