Amid a storm of speculation over its future, Japan Airlines (JAL) announced dismal first-half results as it entered out-of-court mediation with its creditors over its multi-billion dollar debt burden.
JAL announced a ¥95.7 billion ($1.1 billion) operating loss last Friday for the first half of this financial year which ended September 30. That's down a whopping 417% from a year earlier when it posted an operating profit of ¥30.2 billion. Even JAL's chief financial officer Yoshimasa Kanayama was quoted saying the results were "extremely bad".
Though, few were ...