All Nippon Airways parent ANA Holdingsposted ¥73.3 billion ($608.5 million) in net profit for the nine-month period to Dec. 31, 2015, up 40% year-over-year (YOY).

In its earnings report, ANA Holdings tempered its results with an acknowledgment of “some concern about the future in regard to risk of downward pressure on the Japanese economy due to the recession in China and other emerging countries in Asia.”

But ANA also noted the Japanese economy continued growing over the nine-month period and “overall consumer spending has been steady … the employment environment continues to improve and Japan is expected to be headed toward a moderate recovery.”

ANA credited its growth during the period primarily to revenue from its Air Transportation sector—aka All Nippon Airways—which had nine-month operating revenue of ¥1,184.2 billion, up 5.3% YOY, and its trade and retail sector (¥108.4 billion in operating revenue, up 14.2% YOY).

For ANA, growth largely came from international passenger revenue, which during the nine-month period grew 10.5% YOY and generated ¥391.3 billion. Domestic passenger revenue for the period was ¥528.9 billion, up 1.1% YOY. ANA’s cargo operations did not fare as well during the period, however. Domestic cargo revenue fell 3.1% YOY to ¥24.4 billion and ANA’s international cargo revenue was down 5.8% YOY to ¥88.3 billion.

“Although there was a decrease in demand on certain routes from Japan due to the impact of the terrorist attacks in Paris … international passenger service surpassed levels from the same period of the previous year … due to solid business travel demand on European and North American routes,” ANA said.

“Cargo volume and revenues both fell short … due to sluggish growth in demand for cargo to and from Japan and overseas both due to the impact of the weak yen,” ANA said.

ANA Holding’s 9M operating revenue as of Dec. 31, 2015, came to ¥1,369 billion, up 5.5% YOY. Its operating expense for the period was ¥1,012.6 billion, up 1.4% YOY. The group’s reported 9M operating income was ¥116.8 billion, up 30.8% YOY.

For ANA Holding’s Air Transportation sector (ANA) third-quarter operating revenue was ¥396.2 billion, up 3.7% YOY, and its operating income was ¥37.5 billion, up 42% YOY. For the consolidated ANA Holdings group, third-quarter operating revenue was ¥457.8 billion, up 3.5% YOY; operating expenses were ¥342.3 billion, up 0.4% YOY; operating income was ¥30 billion, down 4.4% YOY; and third-quarter net income was ¥19.4 billion, up 16.7% YOY.

Additionally, on Jan. 29 ANA Holdings announced it has changed its forecast for the group’s consolidated full fiscal year net profit through March 2016 to ¥65 billion, up 25% from the ¥52 billion the company originally announced in April 2015. ANA is projecting its ‘ordinary’ income will grow to about ¥20 billion, due to the increase in operating income from strong international passenger revenue, plus revenue from the sale or disposal of aircraft and parts, among other factors. The growth in net income comes “as a result of the adjustments to extraordinary gains/losses and tax expenses,” ANA said.

As noted, however, ANA Holdings is already showing a net profit of ¥73.3 billion for its 2015 fiscal year, which runs from April 1, 2015, to March 31, 2016.