Tokyo allows Japan Airlines back on bourse
(08-03 09:01)
The Tokyo Stock Exchange said it approved the relisting of debt-ridden Japan Airlines, the flag-carrier that went bust in one of thebiggest-ever bankruptcies more than two years ago. JAL, which went bankrupt in January 2010 and its shares delisted the following month with debts of 2.32 trillion yen ($224.8 billion), is to list again on September 19, the exchange said, AFP reports.
The airline continued to fly during its period off the stock exchange and undertook an overhaul that included massive job and route cuts. JAL's market value after the float is expected to exceed 500-600 billion yen, Jiji Press news agency said.
The listing approval came a day after the company announced that its April-June quarter net profit had more than doubled to 26.9 billion yen. Cost cutting and improved productivity were credited by the company for the result, which was up from a 12.7 billion yen net profit a year ago. It said sales had risen 12.5 percent to 286.7 billion yen.
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