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JAL net profit falls 19.1% in April-Sept. on typhoon, investment loss
MAINICHI
| Nopember 1, 2024
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TOKYO (Kyodo) -- Japan Airlines Co. said Friday its net profit for the six months ended September fell 19.1 percent from a year earlier to 49.9 billion yen ($327 million), hit by a typhoon and an investment loss.
Revenue rose 9.9 percent to 901.8 billion yen for the first half of fiscal 2024 on increasing inbound flights amid Japan's tourism boom. However, the company also said that the powerful Typhoon Shanshan, which approached Japan in late August, led to flight cancellations across the country, denting its profit by 5 billion yen.
JAL also posted a loss of 3.5 billion yen from its corporate venture capital fund business in the United States after reviewing the valuation of companies it invested in. The airline did not mention details of the investment loss.
Through the fund operation, JAL has stakes in start-ups such as Volocopter GmbH, a German manufacturer of vertical takeoff and landing aircraft, and U.S.-based Fetch Robotics Inc., which develops a management platform for industrial robots.
JAL missed its earnings target for the fiscal first half due to "unexpected factors" such as the typhoon, Chief Financial Officer Yuji Saito said at a press conference while expressing hope for the coming quarters.
"Inbound demand is expected to peak in the second half of the fiscal year," he said. "We are going to focus on demand from people in Southeast Asia looking to travel to Japan, as well as outbound demand for Japanese business people."
The number of passengers in its domestic services fell 1.4 percent in the first six months from a year before due to the typhoon, while its international operations saw a 9.9 percent rise on robust inbound tourism demand, the company said.
JAL maintained its full-year earnings forecast, projecting net profit to rise 4.7 percent from the previous year to 100 billion yen on revenue of 1.93 trillion yen, up 16.8 percent.
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