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Monday, April 26, 2010

JAL expected to post 160 billion yen loss and delay in court filing

Sankei reports that Japan Airlines (JAL) is expected to post an operating loss of 160 billion yen in the fiscal year ended in March, the largest loss since the merge with JAS.

Revenue from international passengers between April and December 2009 fell 40% while the one from domestic passengers fell 10% in the same period. Passenger numbers hasn't recovered in January (why would it since there are all sorts of harmful rumors before JAL filing for bankruptcy on Jan 19). But, as reported before, JAL has apparently secured a small operating profit in March and seems like things are started to turn around for JAL (or it could be the cost cutting measures finally kicks in). But this does not offset the huge loss in the previous 11 months...and therefore causing JAL to post the largest loss since the JAS merge. Below are the JAL financial results since the merge.

Operational Income
FY2002: 10.5 billion yen
FY2003: -67.6 billion yen
FY2004: 56.1 billion yen
FY2005: -26.8 billion yen
FY2006: 22.9 billion yen
FY2007: 90 billion yen
FY2008: -50.8 billion yen
FY2009: -160 billion yen

But JAL's latest profitable month has bought them 2 extra months of time to finalize the restructuring plan. According to jiji.com, ETIC has decided to extend the court filing deadline for JAL's restructuring plan to end of August. This will buy Inamori san more time to fight with the bankers and the Japanese governments who demand for deeper cuts!

Similar Posts:
Japan Transport Minister: JAL might delay restructuring plan court filing
Inamori says NO to deeper job and route cuts
March is a profitable month for JAL!!!
Japanese Banker Association Chairman: We need to be onboard

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