Japan Airlines expects $374-M annual loss

Agence France-Presse

Posted at Feb 06 2009 11:25 AM | Updated as of Feb 06 2009 07:25 PM

TOKYO - Japan Airlines (JAL), Asia's largest carrier, said Friday it expected a net loss of 34 billion yen ($374 million) in the year to March amid the global economic crisis.

JAL downgraded its earlier forecast for 13 billion yen in net profit for the year, blaming "the big drop in air transport demand caused by the global economic slowdown."

It expects an operating loss of 37 billion yen for the year, against a previous projection of 28 billion yen in profit. The airline also lowered its revenue outlook to 1.98 trillion yen from 2.09 trillion yen.

For the nine months to December, JAL suffered a 1.9-billion-yen net loss, compared with a year-earlier profit of 20.4 billion yen.