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There’s nothing like some slumping currency as a trigger to boost visitor numbers, and that’s what happened in Japan. ANA took advantage of the record number of visitors as it looks to expand international service as a hedge against domestic competition from budget carriers.
ANA Holdings Inc., Japan’s largest airline, posted preliminary net income that was higher than the company’s target as a record number of visitors to the country helped boost international travel numbers.
Net income probably was probably 18 billion yen ($176 million) in the 12 months ended March 31, according to a statement in Tokyo today. In January, the company had predicted a profit of 15 billion yen for last fiscal year.
ANA’s profit was also bolstered by better than expected prices for disposing of aircraft and aircraft parts, according to the statement. The Tokyo-based company, which announced a $17 billion order of Boeing Co. and Airbus Group NV jets last month, is expanding international service amid competition domestically from budget carriers.
Visitors to Japan topped 10 million last year as a slump in the yen made the country cheaper to visit. Sales were probably 1.601 trillion yen last fiscal year, compared with an earlier forecast for 1.58 trillion yen, according to today’s statement.
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