May 01, 2020 (Japan Today) - Japan Airlines' annual net profit plunged nearly 65 percent, the company said Thursday, as it faced the "unprecedented" impact of the coronavirus pandemic on aviation demand.
JAL said net profit for the fiscal year ending in March fell 64.6 percent to 53.4 billion yen ($500 million) on annual sales of 1.4 trillion yen, down 5.1 percent.
The results were largely in line with a profit warning the airline issued last week.
JAL said demand had plunged owing to entry bans around the world, the cancellation of major domestic events, and a state of emergency in Japan with authorities urging citizens not to travel.
"Our group is facing an unprecedented situation," the company said in a statement.
The airline did not release earnings forecasts for the current financial year, citing uncertainty over the pandemic.
For now, JAL plans to cut its number of flights by 90 percent on international routes and more than 60 percent on domestic routes from its flight schedule announced before the pandemic.
