JAL logs $885m quarterly loss on pandemic

Japan Airlines Monday said it suffered a deep quarterly net loss of $885m as the coronavirus pandemic halted air travel around the world. The air carrier said its net loss for April-June came to 93.7b yen, plummeting from a quarterly profit of 12.9b yen seen a year ago. The company changed its accounting method starting this quarter. But the latest data registered as the biggest loss, under a different accounting method, since the company was relisted on the Tokyo Stock Exchange in 2012, after it filed for bankruptcy in 2010. Quarterly sales dived 78.1% to 76.4b yen, JAL said. The company did not issue annual forecasts, citing deep uncertainty surrounding the pandemic. "The worldwide spread of COVID-19 infection has imposed severe restrictions on international travel globally, causing international passenger demand to almost disappear," the company said. It added that passenger traffic for its international segment collapsed 98.6% on-year, while domestic passenger traffic fell 86.7%.<br/>