JCN Newswire
JAL Group Announces 1st Quarter Consolidated Results for Financial Year 2008
Thursday August 7, 10:58 PM
Tokyo, Aug 7, 2008 - (JCN Newswire) - Today the JAL Group announced consolidated financial results for the first quarter (April through June 2008) of FY2008, the current financial year ending March 31, 2009. When compared to the same period last year, the Group saw an improvement in the air transportation segment - its core business - with operating revenue increasing by 6.1 billion yen to 428.1 billion yen, and operating income increasing by 14.2 billion yen to 3.3 billion yen.
Total consolidated operating revenues for the three-month period were 490.3 billion yen, 30.3 billion yen (- 5.8%) down on the same period last year. The decrease occurred primarily due to two companies being removed from the list of JAL Group consolidated subsidiaries. In November 2007, JAL Corporation decreased its shareholding in AGP Corporation and, in January 2008 transferred all of its shares in Pacific Fuel Trading Corporation (PFTC).
In the air transportation segment, however, there was an increase in total revenue. Operating revenue for the air transport segment including both international and domestic passenger and cargo businesses, increased by 1.4% up 6.1 billion yen from 422.0 billion yen to 428.1 billion yen, boosted by an 11.2% year-on-year increase in international passenger yields.
With regard international and domestic passenger operations, the JAL Group got off to a good start carrying out the various strategies of its FY2008-10 medium-term revival plan announced on February 29, 2008, by proactively restructuring its network and downsizing aircraft in its fleet. Consequently, supply measured in available seat kilometers (ASK) decreased by 3.5% on international routes and by 2.6% on domestic routes compared to the same period last year.
International passenger demand and domestic passenger demand, measured in revenue passenger kilometers, (RPK) were down 5.7% and 0.3% respectively when compared to the previous year, primarily due to the decrease in supply already mentioned.
Operating expenses were 486.4 billion yen, down 42.8 billion yen or 8.1% on the same period last year, a result of steady implementation of cost reforms outlined in the JAL Group medium-term revival plan. The JAL Group managed to limit the full impact of an unprecedented rise in the price of fuel by carrying out a wide range of fuel consumption reduction and fuel efficiency improvement measures in addition to flexible fuel hedging, which included fleet renewal, weight reduction measures,
regular engine washing, and adoption of more fuel efficient flight operation procedures.
Compared to the same period last year, the JAL Group's operating income in the first quarter of FY08 increased by 12.4 billion to a total of 3.9 billion yen, and ordinary income increased by 3.9 billion yen to a total of 0.7 billion yen. Net income increased by 0.8 billion yen resulting in the JAL Group posting a net loss of 3.4 billion yen. This is the fifth consecutive year since FY2003 that the JAL Group has reduced its net loss in the first quarter.
For full details,please open the attached file or visit www.jal.com/en/press
About JAL
Asia's largest airline group, the JAL Group (TSE: 9205) serves 213 airports in 33 countries and territories, including 61 airports in Japan. The Group network extends over 235 international passenger, 39 international cargo, and 160 domestic routes. Altogether, the 9 airlines of the JAL Group make a total of over 1,200 flights a day, and in fiscal year 2006 carried nearly 58 million passengers. JAL Group operates a fleet of 276 aircraft including 64 Boeing 747s and 39 state-of-the-art B777s and is gradually introducing more fuel efficient medium and small-size aircraft such as the new high-tech Boeing 787 and B737 New Generation. For more information, please visit www.jal.com .
Source: JAL
Contact:
Stephen Pearlman Public Relations Manager, Japan Airlines Tel: +81-3-5460-3109 Fax: +81-3-5460-3108 Email: stephen.pearlman@jal.com
Copyright 2008 JCN Newswire. All rights reserved. www.japancorp.net
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