Japan Airlines Corp. (JAL) said on Oct. 31 that its group net profit tumbled in the first half of fiscal 2013, which started on April 1, from a year earlier, despite increased revenue from both passenger and cargo operations.
JAL posted a net profit of ¥81.940 billion ($836.1 million) on a consolidated basis in the April-September period, down 17.8 percent from the same six-month period last year.
JAL’s group revenue from overall operations rose 4.0 percent in the first half of fiscal 2013 on a year-on-year basis to ¥659.300 billion. Its group operating profit also plunged 14.6 percent to ¥95.840 billion.
JAL blamed the sharp declines in both operating and net profits largely on higher fuel costs due to the yen’s weakening against the U.S. dollar.
JAL’s group revenue from both international and domestic cargo operations in the April-September period amounted to ¥38.962 billion, up 2.7 percent from the same period last year.
Of the ¥38.962 billion cargo revenue, ¥26.291 billion came from international operations, up 4.0 percent from a year earlier, and the remaining ¥12.671 billion came from domestic operations, almost unchanged from a year earlier.
JAL also revised upward its initial group revenue and profit forecasts for the whole of fiscal 2013, which were announced on April 30.
The carrier’s new full-year projections are: ¥1.286 trillion in operating revenue, up 3.8 percent from fiscal 2012; ¥155.000 billion in operating profit, down 20.6 percent from fiscal 2012; ¥128.000 billion in net profit, down 25.4 percent from fiscal 2012.
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. JAL shares were delisted from the Tokyo Stock Exchange (TSE) the following month. But the carrier flew out of bankruptcy protection in March 2011 and relisted on the TSE in September 2012.