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Bloomberg
Japan Airlines Co posted its first quarterly operating loss in at least eight years and suspended its annual dividend as the coronavirus outbreak hits the travel industry.
Fourth-quarter operating loss was 19.5 billion yen ($183 million), the first deficit since the company re-listed on the stock exchange in 2012. Sales fell 21% to 280 billion yen, JAL said. The company didn’t give full-year forecasts, saying there’s no sign that the pandemic is coming under control globally and its impact is hard to predict.
The outbreak has upended operations at JAL and its peers, even as Japan has so far avoided a surge in infections and has the lowest infection rate among the Group of Seven countries. The industry could lose $314 billion in revenue this year, according to the International Air Transport Association.