Hisane Masaki, Special Correspondent | Feb 03, 2012 10:22AM EST
Japan Airlines posted a $1.92 billion net profit of on a consolidated basis in the first nine months of fiscal 2011, which started on April 1, 2011, after the carrier emerged from bankruptcy and withdrew from many unprofitable routes.
JAL’s group revenue from its overall operations totaled $11.96 billion in the April-December period, including $534.21 million from international cargo operations and $251.32 million from domestic cargo operations The airline posted a group operating profit of $2.13 billion and a group ordinary — or pretax — profit of $2.05 billion in the April-December period.
JAL gave no comparable figures for the same nine-month period of 2010, when the airline was still under bankruptcy protection. The carrier 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.
JAL flew out of bankruptcy protection in late March, 2011. The airline plans to relist on the TSE around this autumn, demonstrating its recovery from bankruptcy both nominally and virtually.
On its cargo operations in the April-December period, JAL said in an earnings release, “JAL endeavored to maximize revenue by responding to post-quake demand for transportation of automobile parts and cigarettes, and also scheduled larger aircraft to meet the urgent demand after the floods in Thailand last October.”
JAL also said that it revised upward its group revenue and profit forecasts for the whole of fiscal 2011, which were announced last November. The carrier’s new full-year projections are: $15.66 billion in operating revenue; $2.37 billion in operating profit; $2.24 billion in ordinary profit; $2.11 billion in net profit.
Contact Hisane Masaki at yiu45535@nifty.com.
