Japan Airlines reported a ¥23.063 billion net profit attributable to shareholders for the April 2023 to June 2023 quarter, compared to a ¥-19.583 billion loss in the same period in 2022. The net profit figures for A1 of FY 2023 amounted to almost two-thirds that of the FY22 full-year profit. The full-year 2022 profit was ¥34.4 billion.
The Group reported an operating profit of ¥30.855 billion versus ¥-30.267 billion a year ago.
Operating expenses increased to ¥353.1 billion from ¥303.1 billion, with fuel, salaries, and other operating expenses all higher year over year. The Group reported a total revenue of 381.4 billion this Q1 compared to ¥268.9 billion last year.
Passenger revenues were ¥283 billion versus ¥153.7 billion while other revenues like the Mileage loyalty program and cargo, were lower to ¥98.6 billion from ¥115.1 billion.
The Group’s expenses were 16.5% lower than the 36.8% increase in production volume year on year.
The Group also recruited 2000 new employees in April 2023, first time since pandemic. Both Japan Airlines and its low-cost subsidiary benefitted from the strong recovery in domestic and international demand that led to solid Q1 results almost closer to entire last year’s profit.