ANA has recorded a 108.8 billion yen ($1.01 billion) loss in Q1 despite a strong focus on cost reduction by the Japanese carrier. “Passenger demand for both international and domestic flights declined significantly, due to worldwide government travel restrictions and the Declaration of the State of Emergency from the Japanese government,” said Ichiro Fukuzawa, chief financial officer of ANA Holdings. “Against this backdrop, we raised our efforts to minimize both variable and fixed expenses by scaling down our operations and personnel costs. As a result, expenses for the Group were reduced by more than 200 billion yen from the previous year.

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