Japan Airlines Co. on Friday reported a net loss of ¥286.69 billion for the business year through March as the coronavirus pandemic depressed travel demand, causing the company to log its first red ink since relisting in 2012 following business rehabilitation.
JAL, which has been undergoing cost-cutting to ride out the COVID-19 crisis, did not disclose earnings forecasts for the current year through next March, citing uncertainty.
JAL logged a loss of ¥398.31 billion before interest and taxes as sales plunged 65.3% from the year before to ¥481.23 billion in the year through March 31.
JAL is not alone in struggling to stay afloat as the pandemic limited people’s movement and economic activity. Last week, its domestic rival ANA Holdings Inc., the parent of All Nippon Airways Co., reported a record net loss of ¥404.62 billion for fiscal 2020.
