Thursday, 23 Apr 2020 07:45 AM MYT
TOKYO, April 23 — Japan Airlines yesterday slashed its forecast for annual net profits by 43 per cent because of the coronavirus, making it the latest carrier to fly into virus-related turbulence as global tourism plummets. JAL said demand had plunged owing to entry bans around the world, the cancellation of major domestic events and a state of emergency in Japan with authorities requesting citizens refrain from travel.
JAL also sharply revised down its operating profit forecasts to ¥100 billion from ¥140 billion while sales were forecast to fall to ¥1.41 trillion from a previous estimate of ¥1.48 trillion.The firm’s downward revision came a day after cash-strapped Virgin Australia filed for insolvency because of the coronavirus pandemic, which has ravaged the global airline industry.