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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Japan Airlines Co., Ltd.    9201   JP3705200008

JAPAN AIRLINES CO., LTD.

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Japan Airlines : to waive up to $120 million in landing fees to prop up airlines - sources

10/15/2020 | 03:13am EST

TOKYO (Reuters) - Japan's government will waive airport landing fees worth up to 12.5 billion yen ($120 million) to ease the financial burden on airline operators, two sources familiar with the matter said, as they reel from a drop in traffic due to the COVID-19 pandemic.

The government will waive about 50% of landing fees from August through next March, said the sources, who declined to be identified because the information is not public. They added that the announcement was likely to come as early as Friday.

The measure will apply to 14 government-operated airports, the sources said.

The transport ministry could not immediately be reached for comment.

The relief is the latest step to prop up Japanese carriers and comes as banks including the state-backed Development Bank of Japan have provided ANA Holdings Inc $3.8 billion in subordinated loans to help it weather the pandemic, sources told Reuters on Wednesday.

While Japanese airlines have seen some rebound in domestic flight demand, helped by a government travel campaign, bookings remain below last year's levels.

That means carriers are burning through cash to maintain jets that are either grounded or flying with too few passengers.

The aviation lobby group, which is comprised of 19 airlines including ANA and Japan Airlines (JAL), in March called for the government to exempt landing fees as the number of passengers sharply decreased amid the pandemic.

ANA reported a 159 billion yen operating loss in the April-June period, while JAL posted a 131 billion yen operating loss for the three months.

(Reporting by Takashi Umekawa and Kentaro Sugiyama; Additional reporting by Takaya Yamaguchi and Sakura Murakami; Editing by Chris Gallagher and Richard Pullin)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. -0.54% 2585 End-of-day quote.-29.02%
JAPAN AIRLINES CO., LTD. -7.99% 2038 End-of-day quote.-40.01%
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Financials
Sales 2021 549 B 5 273 M 5 273 M
Net income 2021 -264 741 M -2 542 M -2 542 M
Net Debt 2021 229 B 2 199 M 2 199 M
P/E ratio 2021 -3,07x
Yield 2021 -
Capitalization 878 B 8 425 M 8 433 M
EV / Sales 2021 2,02x
EV / Sales 2022 0,98x
Nbr of Employees 35 653
Free-Float 95,5%
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Technical analysis trends JAPAN AIRLINES CO., LTD.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 2 300,00 JPY
Last Close Price 2 053,00 JPY
Spread / Highest target 36,4%
Spread / Average Target 12,0%
Spread / Lowest Target -7,45%
EPS Revisions
Managers
NameTitle
Yuji Akasaka Executive President & Representative Director
Yoshiharu Ueki Chairman
Takahiro Abe Executive Officer & General Manager-Operations
Toshiki Oka Executive Officer & GM-IT Planning
Hideki Kikuyama Representative Director
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