ANA expects record net loss of 510 bil. yen in FY 2020 amid pandemic

ANA Holdings Inc. said Tuesday it is expecting a record net loss of 510 billion yen ($4.9 billion) in the current business year through March due to depressed air travel demand amid the coronavirus pandemic, prompting the major Japanese airline to take restructuring steps to become leaner and launch new businesses.ANA, the parent company of All Nippon Airways Co., also said it agreed with major Japanese banks Tuesday on subordinated loans totaling 400 billion yen to bolster its financial base in the face of an uncertain industry outlook.ANA will cut more jets than planned to reduce fixed co…READ FULL ARTICLE