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Japan Airlines, which is seeking a state bailout, said it sank into the red in the first-half year as the global economic slowdown hit travel and cargo demand and refrained from issuing annual forecasts.
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AP |
Asia's biggest carrier by revenue had a group net loss of 131.22 billion yen ($1.5 billion) in the six months to September versus a profit of 36.7 billion yen a year ago.
The struggling carrier, which earlier this year projected an annual net loss of 63 billion yen, did not give forecasts for the year due to uncertainties over its business outlook.
Saddled with $15 billion in debt, a massive pension deficit and dozens of unprofitable routes, JAL said last month that it would apply for assistance from Enterprise Turnaround Initiative Corp -- a state-backed corporate turnaround body -- setting the stage for a large injection of public funds.
Shares of JAL, already received three bailout since 2001, have halved since the start of this year, underperforming a 10 percent rise in the benchmark Nikkei 225 average.
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