Connect with us

Hi, what are you looking for?

Business

Japan Airlines’ annual net profit returns to black

Japan Airlines has logged its first annual net profit in three years
Japan Airlines has logged its first annual net profit in three years - Copyright AFP/File Philip FONG
Japan Airlines has logged its first annual net profit in three years - Copyright AFP/File Philip FONG

Japan Airlines logged Tuesday an annual net profit for the first time in three years, buoyed by soaring domestic and international demand for travel after pandemic restrictions were eased.

The carrier, Japan’s second-largest by market share, said net profit for the year to March was 34.4 billion yen ($250 million) — a turnaround from a net loss of 177 billion yen in the previous financial year.

“Air passenger demand recovered steadily as the shift toward balancing the Covid-19 pandemic’s prevention and socioeconomic activities gained momentum,” a company statement said.

JAL’s results were last in the black in the year to March 2020, just before Covid-19 began to cause global chaos.

Business was clobbered by the pandemic and in 2020-21 JAL suffered an annual net loss of 287 billion yen, its first full-year result in the red since it relisted on the Tokyo Stock Exchange in 2012.

On Tuesday, the carrier attributed its return to profitability in part to “comprehensive cost-cutting efforts and maximising sales in the cargo business domain”.

The airline’s rival ANA Holdings similarly said last week that it achieved profitability for the first time in three years, logging a full-year net profit of 89 billion yen.

AFP
Written By

With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.

You may also like:

World

Israel and Iran exchanged fire again on Friday, a week into the war between the longtime enemies.

Tech & Science

How good is ChatGPT? Not that good when it comes to providing financial insights.

Tech & Science

At Toast Summit, speakers shared how women navigate power, identity, safety, and belonging inside masculine workplaces.

Tech & Science

Drinks including water, soda, beer and wine sold in glass bottles contain more microplastics than those in plastic bottles.