=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2003/02/24/f= inancial1024EST0044.DTL ---------------------------------------------------------------------- Monday, February 24, 2003 (AP) Japan's second-largest airline expects bigger net loss this fiscal year (02-24) 07:24 PST TOKYO (AP) -- All Nippon Airways Co. said Monday it expects its net loss this fiscal year to reach 35 billion yen ($294 million), nearly twice earlier forecasts, due to industry competition. Japan's second largest carrier said competition to fill flights forced it to increase marketing outlays, and led to the earnings revision from the previous forecast for a loss of 18 billion yen ($151 million) for the year ending March 31. ANA also said it expects an operating loss of 4.0 billion yen ($33.6 million) and sales of 1.225 trillion yen ($10.29 billion) -- both revised from predictions of 15 billion yen ($126 million) in operating profits and 1.23 trillion yen ($10.33 billion) in sales. The airline has faced fierce competition at home with Japan Airlines System Corp., which was formed by a merger of two major carriers and is strong in both local and international travel. To cut costs, ANA said it would overhaul its salary structure and pension plan, rethink its domestic routes and eliminate 1,200 jobs by October 2005. It wasn't clear what percentage of total jobs the cutbacks constituted. The measures are expected to save the company 30 billion yen ($252 million) over three years, it said. Monday's earnings forecast revision was the second this year. Before November's revised forecast of a net loss for the year, ANA had expected a profit of 2 billion yen ($16.8 million). =20 ---------------------------------------------------------------------- Copyright 2003 AP