Struggling Japan Airlines (JAL) has set a target of returning to operating profit in the current financial year as it accelerates restructuring efforts under a new chairman, a report said yesterday.
The company, which filed for bankruptcy in January, is eying operating profits of tens of billions of yen (hundreds of millions of dollars) this year on route and staff cuts, the report said without elaborating. The new target is a year ahead of earlier ambitions and will be announced in a revitalization plan JAL plans to submit to a court as early as next month, the Mainichi Shimbun daily reported, without naming sources.
Under its new chairman Kazuo Inamori, the founder of Japanese high-tech manufacturer Kyocera and an ordained Buddhist monk, JAL said last month it would cut 45 international and domestic routes this financial year.
Combined with its previously announced route-cutting plans, the airline will cease to run 28 international routes and close 11 international bases, while 50 domestic routes will be terminated, along with eight offices.
The company, which posted a US$2 billion loss for the nine months to December, is planning more than 15,000 job cuts.
Inamori was nominated by the government to replace Haruka Nishimatsu, who stepped down as head of the ailing airline on Jan. 20.
A JAL spokesman could not immediately confirm the Mainichi report.
Meanwhile, JAL yesterday said it will halve its weekly flights to Bangkok from next month due to escalating violence in Thailand’s capital.
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