Japan Airlines Co., Ltd., First Half Net Income Decreases by 19%, July-September Net Income Decreases by 7%

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Fri Nov 1, 2024 3:00 pm JST Earnings

9201 Japan Airlines Co., Ltd. 【IFRS】

Earnings Report

Japan Airlines Co., Ltd. <9201> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 1st (15:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 19.1% from the same period last year to 49.8 billion yen. The progress rate against the 100 billion yen full-year plan was 49.9%, also falling below the same period of the previous year of 64.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 48.0% from the same period last year, reaching 50.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 35.8 billion yen, a 7.0% decrease compared to the same period last year. However, the operating profit margin rose from 13.1% in the same period last year to 13.9%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	618,522	-3,958	-2,996	-2,158	-4.9	ー	Nov 1, 2022	IFRS
Apr - Sep, 2023	820,938	88,387	89,095	61,671	141.1	64.0	Oct 31, 2023	IFRS
Apr - Sep, 2024	901,817	85,904	76,301	49,878	114.2	ー	Nov 1, 2024	IFRS
YoY	+9.9%	-2.8%	-14.4%	-19.1%	-19.1%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	40	May 2, 2024	IFRS
Apr - Sep, 2024 Results	901,817	85,904	76,301	49,878	114.2	40	Nov 1, 2024	IFRS
Revision Rate	－	－	－	－	－

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	830,952	52,545	50,211	33,863	77.5	45	May 2, 2024	IFRS
Oct - Mar, 2024 Guidance	1,028,183	ー	ー	50,122	114.8	40	Nov 1, 2024	IFRS
YoY	+23.7%	－	－	+48.0%	+48.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,375,589	65,059	52,429	34,423	78.8	25	May 2, 2023	IFRS
Mar, 2024	1,651,890	140,932	139,306	95,534	218.6	75	May 2, 2024	IFRS
Mar, 2025 Guidance	1,930,000	ー	ー	100,000	229.1	80	May 2, 2024	IFRS
YoY	+16.8%	－	－	+4.7%	+4.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	439,498	57,532	57,198	38,608	88.4	13.1	Oct 31, 2023	IFRS
Oct - Dec, 2023	428,427	37,565	34,875	24,201	55.4	8.8	Feb 2, 2024	IFRS
Jan - Mar, 2024	402,525	14,980	15,336	9,662	22.1	3.7	May 2, 2024	IFRS
Apr - Jun, 2024	424,065	19,608	21,200	13,984	32.0	4.6	Jul 31, 2024	IFRS
Jul - Sep, 2024	477,752	66,296	55,101	35,894	82.2	13.9	Nov 1, 2024	IFRS
YoY	+8.7%	+15.2%	-3.7%	-7.0%	-7.0%