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Japan Airlines lost 16.2 billion yen last fiscal year

Japan Airlines lost 16.2 billion yen last fiscal year

Japan Airlines Corp. booked a consolidated net loss of 16.2 billion yen (US$134.6 million; euro98.9 million) for the fiscal year through March, far worse than an earlier projection of a 3 billion yen (US$25 million; euro18 million) profit, the company said Wednesday.
That's the second consecutive year of red ink for JAL, Japan's largest airline.
The company's earnings were scheduled to be released May 9, but airline officials announced the profit figures at a press conference Wednesday after Japan's leading business daily, The Nikkei, reported that JAL would likely report a 16 billion yen loss for the year.
The Nikkei reported that the loss stems from a decision not to count 45 billion yen (US$37.5 million; euro28 million) in deferred tax assets as part of the air carrier's profit, citing unnamed company officials. But streamlining measures helped the company achieve significant gains in sales and pretax profit, it said.
JAL's group sales and operating profit increased from initial projections by about 35 billion yen (US$292 million; euro215 million) and 10 billion yen (US$83 million; euro61 million), respectively, amid growing passenger and cargo traffic and cost cutting efforts, the paper said.
For fiscal 2005, JAL posted a 47.2 billion yen loss (US$423 million; euro333 million) as fliers switched in droves to rivals after a spate of safety lapses.


Updated : 2021-05-16 06:02 GMT+08:00