In the first quarter of fiscal year 2024 (April 1 to June 30, 2024), ANA Holdings recorded 516.7 billion yen (3.37 billion USD) in revenue and operating income of 30.3 billon yen (197.65 million USD), the company announced on July 30, 2024.
The revenue is the company’s highest in Q1 and represents a 12.1% increase over ANA Holdings’ Q1 FY2023 revenue of 461.0 billion yen. That said, the operating profit, while higher than before COVID-19, was 30.7% lower than the 43.7 billion yen operating profit recorded in last year’s first quarter.
ANA saw growth compared to last year in the international passenger service segment in particular. The segment’s revenue grew 13.3% year-on year to 189.5 billion yen, and ANA transported approximately 1.9 million passengers as opposed to 1.6 million in Q1 FY2023. At 77.2%, load factor on ANA’s international flights remained the same compared to last year’s first quarter.
“As we entered this fiscal year, we were pleased to see the increase in passenger demand in the international market, partially aided by the foreign currency rates. This has also contributed to maintaining high yields.” said Kimihiro Nakahori, Executive Vice President and Group Chief Financial Officer.
“Operating expenses have increased due to higher maintenance costs and investments in personnel,” the company said.
On the other end of the spectrum was ANA’s new low-cost brand AirJapan, which operated at an average load factor of just 51.9%. Nakahori attributed the low load factor to the airline limiting its promotional activities after mishandled flight cancellations right after its launch in February 2024.
“The cause is clear and the impact will remain until the second quarter but we started selling tickets on Singapore and Bangkok routes ahead of other low-cost carriers, and they are doing well,” said Nakahori. “October to December is the peak season for inbound travel from Singapore and Bangkok, and we want to get growth back on track in the third quarter,” he continued.
ANA Holdings forecasts operating revenue of 2.19 trillion yen for the full fiscal year resulting in an operating income of 170 billion yen.
