Japan Airlines Corporation Ordinary Shares (JALFQ)

[chickenvestor]

Finally, Some good news.

UPDATE 1-JAL sees oper profit in current fiscal - Nikkei
June 4
Fri Jun 4, 2010 2:41pm EDTStocks
Japan Airlines Corporation
JALFQ.PK
$0.01
+0.00+0.00%12:00am CDT
June 4 (Reuters) - Debt-ridden Japan Airlines Corp (JAL) (JALFQ.PK) expects to post a consolidated operating profit for the current fiscal year and has begun talks with key banks, the Nikkei business daily reported.

JAL now expects to post a consolidated operating profit of 22 billion yen ($237.8 million) for the year ending March 2011, instead of an operating loss of over 30 billion yen expected earlier, the daily said.

JAL also expects group operating profit to rise to 73 billion yen in fiscal 2011 and to 115 billion yen the following year, with revenue projected to be flat for the next three years, the paper said.

The airline and its trustee, Enterprise Turnaround Initiative Corp of Japan (ETIC), are looking to draft a rehabilitation plan by the end of the month and expect talks with banks to swing into full gear next week, the report said.

On Friday, the airline and ETIC hand delivered the latest outlook to banks like the Development Bank of Japan and Mizuho Corporate Bank, and said it will try to get other business partners on board by July, the Nikkei said.

The airline, which filed for bankruptcy under the Corporate Rehabilitation Law last January, has been under fire from banks and lenders, who have hinted that they would not help the carrier, citing its lack of effort.

Under pressure from lenders, JAL had decided to eliminate 16,000 jobs in one year, instead of over three years as initially planned, and also discontinue many unprofitable routes. About 45 routes now slated to be scrapped this fiscal year, the Nikkei said. ($1=92.53 YEN) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Gopakumar Warrier)

http://www.reuters.com/article/idCNSGE6530IC20100604?rpc=44