TOKYO — Japan Airlines posted a consolidated net loss of 286.6 billion yen ($2.6 billion) for fiscal 2020 on Friday, marking the biggest yearly loss since it relisted in 2012, amid a sharp decline in passengers due to the coronavirus pandemic.
Although the net loss is the group’s biggest ever, it improved by 14 billion yen over a full-year company forecast in February of a net loss of 300 billion yen.
The group said it has been cutting costs, including fewer scheduled flights and reorganizing its labor force.
Sales dropped 65.3% from the previous year to 481.2 billion yen for the same period as the pandemic weighed on its core airline business.
JAL refrained from forecasting sales for the current fiscal year ending March amid lingering uncertainties related to COVID-19.
