Hisane Masaki | Aug 03, 2011 9:50AM EDT
Japan Airlines posted a net profit of $162.8 million on a consolidated basis in its fiscal first quarter ending June 30 as the restructuring carrier cut its fleet and reduced services.
JAL gave no comparable figures for the same three-month period last year, when it was still under bankruptcy protection. JAL exited bankruptcy protection in late March after more than a year in Japan's version of Chapter 11.
JAL’s group revenue from its overall operations totaled $3.3 billion in the April-June period, including $176.9 million from its international cargo operations.
The airline posted a group operating profit of $219.2 million and a group ordinary — or pre-tax — profit of $203.9 million in the April-June quarter.
JAL filed for bankruptcy protection in January 2010 under the Corporate Rehabilitation Law, which is similar to Chapter 11 in the U.S., marking one of the biggest corporate failures in Japanese history.
The company said it expanded its high-value service, particularly its temperature controlled service, in its international cargo operations. In terms of revenue per cargo ton-kilometer, demand is down 53 percent in the April-June period compared to the same period a year ago.
JAL’s rehabilitation plan calls for $15.7 billion in group operating revenue and $970.5 million in group operating profit in the whole of fiscal 2011.
Contact Hisane Masaki at yiu45535@nifty.com.
