Massive losses at JAL

JAPAN Airlines (JAL) has reported a large increase in losses for the last nine months of 2009. The carrier reported that it lost ¥178 billion (US$2 billion) compared to a loss of ¥1.9 billion a year before.

JAL entered bankruptcy protection last month and is undergoing massive restructuring in the hope of preventing further losses. The first measures implemented were announced last week as being a cut to employee salaries of five per cent from April and scrapping all bonuses for the 2010 financial year.

“[We are] working fervently…to draw up an effective corporate revitalisation plan to rebuild the airline, while continuing to provide safe and stable flight operations and services to customers,” the airline said in a statement, adding that it was “deeply apologetic” for the entire situation.

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