Japan Airlines Co. downgraded on Wednesday its group net profit outlook for fiscal 2019 to ¥53 billion ($490 million) from the earlier projected ¥93 billion as the coronavirus pandemic heavily reduced demand for air travel.
The company cut its consolidated operating profit forecast to ¥100 billion from ¥140 billion for the year that ended last month on revenue of ¥1.41 trillion, down from ¥1.49 trillion projected in January.
The airline said in a statement that demand for domestic and international flights has fallen sharply since February amid the global spread of the pneumonia-causing virus.
JAL has canceled a large part of its scheduled flights and used smaller aircraft in response to falling demand. But the company said it has so far failed to make up for the decline in revenue.
JAL is scheduled to release its full-year earnings on April 30.
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