Japan ANA's market cap tops JAL's, reflecting contrasting earnings - report

TOKYO (XFNews) - All Nippon Airways Co's (ANA) market capitalization on Monday surpassed that of Japan Airlines Corp (JAL) for the first time since JAL's merger-fueled relaunch in October 2002, the Nihon Keizai Shimbun reported.

ANA shares closed up 4 yen to 352 yen, climbing to their highest level in about three and a half months and boosting ANA's market capitalization to 598.3 bln yen, the business daily said.

Shares of JAL, meanwhile, slipped 1 yen to 299 yen, reducing the airline's market value to 592.7 bln yen.
The moves of the two rivals' share prices directly reflected the April-June group results they announced Friday.
ANA made an operating profit of 11.7 bln yen by locking in fuel prices to cushion the impact of rising oil costs but JAL incurred an operating loss of 32 bln yen, failing to pursue such a strategy, the newspaper said.

The gap between the airlines' market capitalization was as wide as nearly 250 bln yen in October 2003 but had narrowed significantly since last summer, the report said.

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