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Japan Airlines Co said Friday its net profit for the six months ended September fell 19.1 percent from a year earlier to 49.9 billion yen, hit by a typhoon and an investment loss.
Revenue rose 9.9 percent to 901.8 billion yen for the first half of fiscal 2024 on increasing inbound flights amid Japan's tourism boom. However, the company also said that the powerful Typhoon Shanshan, which approached Japan in late August, led to flight cancellations across the country, denting its profit by 5 billion yen.
JAL also posted a loss of 3.5 billion yen from its corporate venture capital fund business in the United States after reviewing the valuation of companies it invested in. The airline did not mention details of the investment loss.
Through the fund operation, JAL has stakes in start-ups such as Volocopter GmbH, a German manufacturer of vertical takeoff and landing aircraft, and U.S.-based Fetch Robotics Inc, which develops a management platform for industrial robots.
On Thursday, ANA Holdings Inc said its net profit dropped 13.3 percent from a year earlier to 80.78 billion yen in the six months ended September as heftier aircraft maintenance costs more than offset record sales growth.
The parent of All Nippon Airways Co posted a record-high 1.1 trillion yen in sales the first half ended Sept 30, up 9.7 percent from a year earlier, with booming inbound tourism boosting international flight passengers. Operating profit declined 16.5 percent to 108.37 billion yen.
© KYODO
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quercetum
State sponsored companies and bailouts don’t fly unlike in a meritocracy system like China’s. You’d have earned the status and support.
YeahRight
Damn. I wish I had "only" ¥49.9 billion profit. Pardon me if I fail to cry over their "fall in profits."
Asiaman7
Poor, poor pitiful JAL. The company’s six-month profits were ONLY 49.9 billion yen, or about 326 million U.S. dollars.
These “hard times” must be tough to endure!
earsay
As mentioned, a very healthy profit regardless. I really enjoy the exceptional service provided on Japanese airlines but their international fares are way too expensive compared to their competitors. I can get better bang for my buck with the likes of Singapore Airlines which has very good service at a fraction of the cost.
リッチ
And management will receive 300% bonuses from last year. Approved of course by a committee.