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JAL’s net profit plummets 8% to $1.7 billion

AFP-JIJI

Japan Airlines said Tuesday its net profit in the fiscal year to March fell 8 percent to ¥171.7 billion, while it slashed its full-year earnings outlook by almost a third.

JAL, which relisted on the Tokyo Stock Exchange last year after a high-profile bankruptcy restructuring, said its earnings in the current fiscal year will be about 31 percent lower at ¥118 billion.

Sales rose 2.8 percent to ¥1.24 trillion in the 12 months to the end of March.

JAL said it was “trying to minimize” the financial impact from the three-month grounding of the Boeing 787 Dreamliner, and said business results were hit by rising competition and soaring oil prices.

JAL and rival All Nippon Airways account for half of the 50 Dreamliners in service globally and had to cancel thousands of flights in the wake of the crisis.

ANA profit soars

Kyodo

ANA Holdings Inc. said Tuesday its group net profit in the business year ended March rose 53.1 percent from the previous year to ¥43.14 billion, as solid travel demand more than offset the adverse impact of suspension of some flights due to the grounding of the Boeing 787

The holding company of All Nippon Airways Co. said its group operating profit grew 7.0 percent to ¥103.83 billion on consolidated revenue of ¥1.48 trillion, up 5.1 percent.

For the current business year, the air carrier expects to post a group net profit of ¥45 billion, up 4.3 percent from the previous year, and operating profit of ¥110 billion, up 5.9 percent, on group revenue of ¥1.61 trillion, up 8.5 percent.