TOKYO (Reuters – Japanese airline ANA Holdings reported a loss of operating income for its full-year, severely affected by country’s COVID-19 curbs. But, the company forecasts a rebound to a profit in this year’s financial year, as domestic demand improves and international restrictions decrease.

For the twelve months ending March 31, 2017, operating losses of 173.1 billion Japanese yen (or $11.33 billion) were lower than 464.7 billion in the previous year. This was consistent with last week’s guidance.

ANA’s forecast of a 50-billion yen annual operating loss this year, was more than the average 42.3 billion yen prediction from Refinitiv analysts.

($1 = 129.9900 yen)