All Nippon Airways shares gain
Bloomberg | Mar. 30, 2006
All Nippon Airways Co. shares advanced as much as 4.1 percent after Japan's second-largest airline raised its annual profit forecast by 35 percent as it attracted more passengers at home and overseas.
All Nippon shares gained as much as 17 yen to 437 yen as of 9:11 a.m. in Tokyo. The shares were untraded on glut of buy orders before the start of trading. The earnings forecast was made after the stock market closed yesterday.
Tokyo-based All Nippon said net income may total 23 billion yen ($195 million) for the year ending March 31, compared with its previous estimate of 17 billion yen. The airline also raised its sales forecast by 1.2 percent to 1.37 trillion yen.
It's the second time for All Nippon to raise its annual profit goal for the 12-month period as the company is winning over some travelers after safety lapses at bigger rival Japan Airlines Corp. Higher domestic traffic and business travelers flying to North America and Europe helped the company exceed its forecast.