Skymark Airlines Co. incurred net losses of 1.65 billion yen in the three-month period to July due to disappointing traffic during the soccer World Cup and a large drop in cargo operations, the carrier said Friday.
While revenue for the quarter grew 7.3 percent to 10.1 billion yen compared to the same period a year earlier, operational profits were down by more than 500 million yen to 1.58 billion yen.
The airline, which runs regular flights between Tokyo, Fukuoka and Kagoshima, said an unexpected dive in cargo operations — down 51.1 percent to 95 million yen from a year earlier — played a large role in the poor showing.
It also said the much-anticipated windfalls from the monthlong World Cup, which ended June 30, did not materialize. In fact, passenger traffic for June was the worst so far for the current business year to October, the airline said.
Takashi Ide, Skymark chief executive officer, accused major airlines of sharp-shooting his carrier with “unfair pricing policies” in competing routes, saying they unduly hurt Skymark’s earnings.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.