Japan Airlines Co. on Tuesday forecast a net loss of ¥146 billion ($1.3 billion) for the business year through March amid a later-than-expected recovery in air travel demand from the COVID-19 fallout.
The evaporation of demand for air travel amid the coronavirus pandemic had already led JAL to post a net loss of ¥286.69 billion for the year ended March 2021, the first red ink since its 2012 relisting following a state-backed rehabilitation.
Despite the sluggish recovery in demand, the cargo business remained a bright spot, and JAL expects the favorable business conditions to continue. Fiscal 2021 sales were forecast to rise 59.2% to ¥766 billion.