Jal Projects Deeper Group Net Loss For Fy2021
Japan Airlines has revised down its group earnings forecast for fiscal 2021, largely due to weaker-than-expected demand for domestic flights as the coronavirus Omicron variant spread.
JAL said it expects a net loss of 177 billion yen, or 1.4 billion dollars, in the business year that ended last month, about 250 million dollars deeper than the previous projected loss. The company will likely be in the red for two consecutive years.
JAL also cut its sales outlook by around 660 million dollars to 5.4 billion, as many people refrained from air travel in Japan between January and March when the government put many parts of the country under a quasi-state of emergency.
Rival airline operator ANA Holdings is also forecasting a group net loss of 790 million dollars for the year.