Japan Airlines Back in Black for 1st Time in 3 Years
8:30 JST, May 3, 2023
TOKYO (AFP-Jiji) — Japan Airlines logged Tuesday an annual net profit for the first time in three years, buoyed by soaring domestic and international demand for travel after pandemic restrictions were eased.
The carrier, Japan’s second-largest by market share, said net profit for the year to March was ¥34.4 billion — a turnaround from a net loss of ¥177 billion in the previous financial year.
“Air passenger demand recovered steadily as the shift toward balancing the COVID-19 pandemic’s prevention and socioeconomic activities gained momentum,” a company statement said.
JAL’s results were last in the black in the year to March 2020, just before COVID-19 began to cause global chaos.
Business was clobbered by the pandemic and in 2020-21 JAL suffered an annual net loss of ¥287 billion, its first full-year result in the red since it relisted on the Tokyo Stock Exchange in 2012.
On Tuesday, the carrier attributed its return to profitability in part to “comprehensive cost-cutting efforts and maximizing sales in the cargo business domain.”
The airline’s rival ANA Holdings similarly said last week that it achieved profitability for the first time in three years, logging a full-year net profit of ¥89 billion.
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