All Nippon Airways’ parent company has revised down its financial results forecast for the fiscal year ended 31 March 2020, as the coronavirus outbreak batters air traffic.

ANA Holdings expects operating revenues to come in at Y1.97 trillion ($18.3 billion), Y120 billion lower than the previous forecast disclosed on 29 October 2019 at the release of its half-year report.

The company slashed its outlook for operating income from Y140 billion to Y60 billion. Projected net income now stands at Y27 billion, about a quarter of Y94 billion at the previous estimate.

It says in a statement today: “As a result of entry restrictions in various countries and reduced domestic travel in Japan due to the spread of the coronavirus (Covid-19) during the fourth quarter, especially [as] the travel demand declined sharply in March, the operating revenues, operating income, ordinary income and net income attributable to owners of the parent are expected to be significantly lower than those in the previously revised forecast.”

At the last forecast, the company cut its outlook for operating revenue by Y60 million, lowering operating profit and net profit by Y25 billion and Y14 billion, respectively.

If realised, the latest forecast represents a 4.3% decline in operating revenue year-on-year, with operating income 64% lower and net income down 76%.