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JAL cuts costs but still posts big loss

Date Posted: 2009-05-21

Japan Airlines Corp., Asiaís largest air carrier, suffered losses of •63.2 billion in the 2008 business year that ended March 31st, as the slowing global economy crippled its operations.

A year earlier JAL had registered a •16.9 billion profit. As the economy soured, JAL had made massive cost cuts, including early retirement for many employees and reductions or ends to annual bonuses. JALís international routes registered 12.4% fewer passengers during the year, while domestic travel slipped 1.8%.

Projections for this fiscal year appear to be no better, JAL officials say. It expects to lose •63 billion this year, as international passenger traffic further declines. Officials say the massive losses will occur despite plans to slash another •53 billion in costs this year. Looking ahead to 2010, the airline says it will curb costs an additional •100 billion by creating more efficient sales, maintenance and fuel operations programs.

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