Japan Airlines Co. has forecast a return to profit this year, betting on a pickup in domestic and international travel as the nation signals it’s ready to loosen virus-related border controls.
JAL forecast net income of ¥45 billion ($345 million) for the fiscal year ending March 2023, topping analysts’ average estimate for around ¥10.2 billion. The airline posted a heavier-than-predicted loss of ¥49.2 billion for the January-March quarter of the recently ended fiscal year, according to a statement Friday.
JAL’s new forecast arrives after Prime Minister Fumio Kishida created waves just a day earlier by pledging Japan will loosen its virus-related border measures next month. The move set forth what could amount to a lifeline for the country’s ailing travel industry.