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ANA reports 27 percent increase in profits

May 29, 1997

TOKYO (AP) _ All Nippon Airways, one of Japan’s major carriers, reported Thursday a 27 percent increase in earnings for the fiscal year ended in March as a result of new routes that attracted more passengers.

Net profit rose to 3.92 billion yen ($33.7 million), or 2.71 yen (2 cents) a share, from 3.09 billion yen, or 2.14 yen a share in the previous year.

Revenues rose 5 percent to 887.41 billion yen from 845.97 billion yen.

Fliers on ANA domestic flights increased 5 percent from the previous year, said company spokesman Masato Matsuyama. That boosted profits, despite a rise in fuel prices, he said.

ANA added eight domestic routes and nine international routes over the fiscal year.

Also Thursday, ANA named a new president, Kichisaburo Nomura, now senior managing director. The appointment is to become effective at a shareholders’ meeting June 27.

The board has been embroiled in infighting ever since former president Seiji Fukatsu announced his decision to resign earlier this month.

Last week, the company announced that Tokuji Wakasa, believed to be behind the former president’s ouster, will resign as emeritus chairman.

Wakasa told the board he was stepping down Thursday. Takaya Sugiura also resigned as chairman.

Often, Japanese executives who resign remain with the company as advisers. But it was still undecided whether Wakasa and Sugiura would stay on, Matsuyama said.

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