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Japan Airlines forecasts return to profit after announcing narrowed annual losses
May 9th 2022
Japan Airlines (JAL) is predicted to return to profit after reporting a narrowed net loss of 177.6 billion yen (US$1.4 billion) for the 12 months to March 31, an improvement from a net loss of 286.7 billion yen in the year-ago period. Read More » Revenue rose 41.9%, to 682.7 billion, JAL said in a regulatory filing to the Tokyo Stock Exchange. JAL’s fiscal 2022 financial year was a "tough year again" for the company from the impact of the COVID-19 pandemic, it said. The airline group expects domestic passenger demand to reach 90% of pre-COVID-19 levels in the next 12 months and tips international passenger demand will reach 45% of pre-pandemic levels in same time frame. "In spite of the increasingly uncertain business environment surrounding the JAL Group such as the prolonged COVID effects, the Russia-Ukraine situation, material cost increases like the fuel price hike, we believe the COVID infection [rate] is heading toward settlement," JAL said. It has forecast a net profit of 45 billion yen for the 12 months to March 31, 2023 with revenue calculated to hit 1.4 trillion yen.
