TOKYO–Japanese carrier Japan Airlines said Wednesday its first-quarter net profit dropped 32.1 percent due to growing fuel costs and the impact of the US-China trade war on cargo demand. Bottom-line profit fell to 11.9 billion yen ($110 million) for the April-June period from 17.5 billion yen a year earlier, but sales rose 4.0 percent to 355.7 billion yen.
Fuel costs were growing as tensions mount between the US and Iran, JAL said in a statement, adding that the company outlook was "uncertain". Revenue from international cargo businesses fell 3.3 percent due in part to "US-China trade friction", it said.
The firm left their full-year forecast in place, projecting net profit at 114 billion yen for the fiscal year to March on sales of 1.56 trillion yen.
On Tuesday, ANA Holdings said its first quarter net profit fell by almost 30 percent on rising costs and a higher tax burden, despite increased sales. ANA also kept its annual forecasts.