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JAL forecasts largest ever annual loss
Like its main rival ANA Holdings, Japan Airlines (JAL) is bracing for its worst ever operating loss for the year.
It forecast a full-year loss through Match 2021 of up to $2.6 billion.
It would be its first annual loss since 2012.
It said it plans to retire 24 of its Boeing 777 wide body jets by March 2023, which is a similar move announced by ANA.
Unlike ANA it doesn’t expect to impose pay cuts on its employees.
"We have seen very severe results following the continued impact of the virus," the airline said at a news briefing.
International traffic is down 97.7% in the six months through September compared to a year ago.
Domestic passenger numbers were down 76%, JAL said.
Still, JAL said its finances are ‘steadily recovering’ and has managed to reduce its cash burn.
It expects it will take ‘three or four years’ for international travel to fully recover.
Written by Ray Montgomery, Asia Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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