Japan Airlines Co. on Friday reported a net loss of 286.69 billion yen ($2.6 billion) for the business year through March as the coronavirus pandemic depressed travel demand, causing the company to log its first red ink since relisting in 2012 following rehabilitation.

JAL, which has been undergoing cost-cutting to ride out the COVID-19 crisis, did not disclose earnings forecasts for the current year through next March, citing uncertainty.

JAL logged a loss of 398.31 billion yen before interest and taxes as sales plunged 65.3 percent from the year before to 481.23 billion yen in the year through March 31.

JAL is not alone in struggling to stay afloat as the pandemic limited people's movement and economic activity. Last week, its domestic rival ANA Holdings Inc., the parent of All Nippon Airways Co., reported a record net loss of 404.62 billion yen for fiscal 2020.

With vaccination rollouts slower in Japan than in the United States and some European nations, the nation is still struggling to curb coronavirus infections and a third state of emergency for populous areas like Tokyo and Osaka is set to be extended.

In the just-ended business year, the number of passengers on domestic flights came to 12.21 million, down 66.5 percent from a year ago, while those on international flights tumbled 96.0 percent to 357,519 due to COVID-19 travel restrictions.

Looking to a post-pandemic recovery in travel, JAL said it plans to strengthen its ties with low-cost carriers.

It will make Spring Airlines Japan Co., a unit of China's major LCC Spring Airlines Co., a consolidated subsidiary in June, according to a new medium-term business plan unveiled Friday.

==Kyodo

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