Japan Airlines reported 62.9 billion yen in net losses for fiscal 1997 on a consolidated basis out of sales of 1.6 trillion yen, up 0.9 percent from the previous year, the carrier announced Friday.
Despite the small growth in sales, operating profits of the JAL group increased 308.7 percent to 40 billion yen, which JAL officials said was due to cost-cutting efforts.
The group expects 16 billion yen in net profits in the current business year, which ends next March. The consolidated business report covers the carrier and 109 out of JAL's 222 affiliated companies.
All Nippon Airways Co. meanwhile reported 54 billion yen in net losses out of 1.08 trillion yen in sales, up 5.8 percent previous year, for fiscal 1997 on a consolidated basis, ANA officials announced Friday.
The ANA group's operating profits fell 70 percent from the previous year to 6.2 billion yen and pretax profits went down 98.9 percent to 170 million yen. The consolidated report includes the performance of the carrier and 33 of ANA's 55 affiliated companies.