Tokyo (XFN-ASIA) - Japan Airlines Corp said it now expects
to have incurred a net loss of 16.2 bln yen in the past year to March, reversing
a previous projection of 3bln yen profit.
The turnaround is due to a projected increase in tax payments as a result of the withdrawal of some deferred tax assets.
While it now sees a bottom line loss, Asia's largest carrier raised its operating profit forecast to 22.9 bln yen from 13 bln previously, citing the positive impact of past cost-cutting efforts and a recovery in ticket sales.
JAL gave the following revised forecasts for the year to March 2007 vs previous forecasts:
- Revenue - 2.302 bln yen vs 2.268 trln
- Opg profit - 22.9 bln yen vs profit 13 bln
- Current profit - 20.5 bln yen vs profit 500 mln
- Net loss - 16.2 bln yen vs profit 3 bln