All Nippon Airways Co. said Friday it returned to the black for the first time in three years in fiscal 2003 due to rigorous cost-cutting that offset the negative effects of the Iraq war and severe acute respiratory syndrome.
The nation's No. 2 carrier said that for the current fiscal year, it expects its international flight division to post its first profit since launching regular scheduled flights between Tokyo and Guam in 1986.
ANA's net profit was 24.76 billion yen in fiscal 2003, compared with a net loss of 28.26 billion yen a year earlier. Revenue remained virtually flat at 1.22 trillion yen.