JAL To Raise $2.7 Billion To Boost Finances Amid Pandemic
Sumaira FH Published September 09, 2021 | 12:59 PM
Japan Airlines said Thursday it plans to raise some 300 billion yen ($2.7 billion) in funds as its works to weather the continuing impact of the pandemic on its finances
Tokyo, Sept 9 (APP - UrduPoint / Pakistan Point News - 9th Sep, 2021 ) :Japan Airlines said Thursday it plans to raise some 300 billion Yen ($2.7 billion) in funds as its works to weather the continuing impact of the pandemic on its finances.
The funds will be raised through financing measures, including subordinated loans and bonds, the company said in a statement, adding more details would be announced on Friday.
"It's not an urgent or imminent measure," a company spokesman said.
"It's a pre-emptive measure to solidify our financial base," he told AFP.
The move comes after the airline company raised some 180 billion yen in a new share sale late last year.
Japan Airlines logged a net loss of 286.7 billion yen for the year through March -- its first full-year result in the red since it relisted on the Tokyo Stock Exchange in 2012.
But JAL trimmed losses by nearly half in the April-June period thanks to cost-cutting efforts.
JAL has concluded that it needs an additional cash buffer as the pandemic has lasted longer than expected, the Nikkei daily said.
Airline industries have been among the sectors hit hardest by the pandemic with demand stagnant at home and overseas.
Japan's borders are currently closed to tourists and domestic travel has been stifled by successive waves of infections and resulting virus states of emergency.
Later Thursday, the government is set to extend the virus state of emergency for Tokyo and other areas until September 30.
JAL shares closed down 1.61 percent to 2,432 yen following the company's statement.
Related Topics
Recent Stories
ADB reaffirms continued support to Pakistan
OIC Contact Group on Jammu & Kashmir calls for early resolution of J&K dispute
Yango joins hands with Discover Pakistan to present and preserve the country’s ..
Saudi govt, companies consider Pakistan high priority economic opportunity: Ibra ..
Saudi Crown Prince expected to visit Pakistan this month
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 6 May 2024
Today Gold Rate in Pakistan 06 May 2024
Dubai Mum Becomes the First Ever Pakistani Woman to Climb 11 of the 14 Highest M ..
Over 37% Tobacco tax increase suggested to save lives, boost revenue
Mohsin Naqvi has offered a substantial incentive, pledging $100,000 to every pla ..
Citizens join Al Barsha Police in “An Hour for Dubai” Initiative
Art can be a powerful tool to relieve stress, Experts say at Sharjah Children’ ..
More Stories From World
-
Mbappe and PSG aim to seize moment in Champions League semi-final
7 minutes ago -
Israel army says about 100,000 people being evacuated from east Rafah
17 minutes ago -
Putin orders nuclear drills with troops near Ukraine
47 minutes ago -
China's Shenzhen home to more superchargers than petrol stations
57 minutes ago -
Ode to joy: How Austria shaped Beethoven's Ninth
57 minutes ago -
Lebanon's Hezbollah says fired dozens of rockets at Israeli base
57 minutes ago
-
China to expedite building modern eco-environment monitoring system
1 hour ago -
Putin orders nuclear drills with troops near Ukraine
1 hour ago -
'Sound of silence' for troubled Milan as Juve inch towards Champions League
1 hour ago -
Wildfires increase in Mongolia
1 hour ago -
McLaren's Norris wins Miami Grand Prix
1 hour ago -
EU's soaring far-right parties set to stay
1 hour ago