Author: Tronserve admin
Wednesday 4th August 2021 02:12 PM
Japan Airlines Cuts Net Profit Outlook Due to Virus Outbreak
TOKYO (Kyodo) -- Japan Airlines Co. downgraded on Wednesday its group net profit outlook for fiscal 2019 to 53 billion yen ($490 million) from the earlier projected 93 billion yen as the coronavirus pandemic heavily reduced demand for air travel.
The company cut its consolidated operating profit forecast to 100 billion yen from 140 billion yen for the year that ended last month on revenue of 1.41 trillion yen, down from 1.49 trillion yen projected in January.
The airline said in a statement that demand for domestic and international flights has fallen sharply since February amid the global spread of the pneumonia-causing virus.
JAL has canceled a large part of its scheduled flights and used smaller aircraft in response to falling demand. But the company said it has so far failed to make up for the decline in revenue.
JAL is scheduled to release its full-year earnings on April 30.