Friday, 2nd May 2008
In Business In Japan,
Airline posts profits
Japan Airlines has returned to winning ways after posting forecast-beating profits following two consecutive years of loss.
Asia's largest air carrier recorded a net profit of approximately 16 billion yen (£77.5 million), which exceeded its preliminary estimate of seven billion yen by over 100 per cent, according to AFP.
A statement from the company is quoted by the website as saying: "Due to the effectiveness of group-wide cost reform [...] operating cost reductions will be greater than previously expected."
Cost reforms referred to in the statement include widespread loss of jobs across the company and the discontinuance of routes failing to make a profit.
The result of such measures represents an almost complete reversal of fortune for the company, which reported a loss of 16.7 billion yen the previous year, the website reports.
Last month, Japan Airlines said it was considering seeking compensation from Boeing after delays in the delivery of its 787 jetliner, AP claimed.
Related news stories:
Japan Airlines gets bid from consortium (18th September 2009)
Japan Airlines announces US airline deal (13th January 2011)
Japan Airlines 'to take American offer' (9th February 2010)
New management take over Japan Airlines (3rd February 2010)
US carrier makes new offer to Japan Airlines (3rd December 2009)