All Nippon Airways Co. said Tuesday its first-quarter profit rose 11-fold as it sold a group of hotels, masking a drop in operating profit.
ANA's net income increased to ¥87.4 billion in the three months to June 30, from ¥7.68 billion a year earlier, the carrier said. Operating profit fell 32.3 percent as fuel costs increased and the airline filled fewer seats.
The company had a one-time gain of ¥130 billion from the sale of 13 hotels to Morgan Stanley last month. That covered an ¥11.1 billion surge in fuel costs and a drop in the percentage of seats occupied by paying passengers.
"It sold the hotel business at a top price, and that gave it a one-off boost," said Mitsushige Akino of Ichiyoshi Investment Management Co.