ANA boosts profit forecast for past fiscal year by 20 percent

The operator of Japan's All Nippon Airways (ANA) on Friday boosted its net profit forecast for the past fiscal year by 20 percent, citing a pick-up in its international business.

ANA Holdings said it expects net earnings of 18 billion yen ($175 million) in the year to March 31, up from an earlier 15 billion yen estimate.

The company, which will report its earnings next month, also lifted its revenue expectations to 1.60 trillion yen from a previous forecast of 1.58 trillion yen.

It offered few details in a brief statement, but said the improving outlook was "mainly due to international passenger service".

The expected boost to ANA's bottom line comes several months after it warned that its nine-month net profit had dived by more than a third as a sharp decline in the yen jacked up fuel costs, which also hurt earnings at rival Japan Airlines.

While the yen's decline since late 2012 has boosted Japanese exporters such as Toyota and Sony, it has hurt airlines by pushing up the cost of fuel, often a carrier's single-biggest expense.