TOKYO: Japan Airlines said Friday that it now expects to report a group net loss of 177 billion yen for fiscal 2021, even bigger than the previously projected loss of 146 billion yen.
The company is bracing for a second straight year of net loss for the year that ended last month. In the previous year, the company reported a net loss of 286,693 million yen.
In fiscal 2021, the number of domestic flight passengers fell short of expectations because COVID-19 pre-emergency measures were implemented due to the spread of the omicron variant in Japan from around the start of 2022.
Japan Airlines is expected to remain in severe conditions partly due to higher fuel prices amid Russia’s invasion of Ukraine.