Japan Airlines Co. said Friday it expects to post a net loss of between 240 billion yen ($2.3 billion) and 270 billion yen in the current business year through March, the first red ink since its relisting in 2012, as the coronavirus pandemic sharply reduced demand for air travel.

JAL said it logged a net loss of 161.23 billion yen in the first half of fiscal 2020. Earnings before interest and taxes saw a loss of 223.97 billion yen on sales of 194.79 billion yen, down 74.0 percent from a year earlier.

The airline said the number of international passengers plunged 97.7 percent in the six months through September from a year earlier, as many countries restricted entries since the outbreak of the virus that causes the COVID-19 illness.

The number of domestic passengers also dropped 76.1 percent due partly to a resurgence of virus infections across Japan this summer.

JAL said it had 346.6 billion yen in cash at the end of September and will expand its unused commitment line to 300 billion yen by November.

Hideki Kikuyama, a senior managing executive officer of JAL, said the company will also further make cost-cutting efforts to ride out the pandemic, including the retirement of nearly 30 passenger jets by fiscal 2022.

"We have maintained a healthy financial base," despite the business difficulties, he said at a press conference.

==Kyodo

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