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Jap Airline Sys Corp (9205)

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Monday 06 August, 2007

Jap Airline Sys Corp

1st Quarter Results JAL Group 1st Quarter Conso...

  JAL Group Announces 1st Quarter Consolidated Results for Financial Year 2007

For customer & general enquiries, please contact your local JAL
Journalists   with   media   enquiries,  please  contact   the   press   office: / Tel: 81-3-5460-3109

Tokyo August 6, 2007: Today the JAL Group announced consolidated financial
results for the first quarter (April through June 2007) of FY2007, the current
financial year ending March 31 2008.

Total operating revenues for the three-month period were 520.6 billion yen, 1.5
billion yen (- 0.3%) down on the same period last year. The decrease occurred
primarily as a result of the trading company JALUX no longer being categorized
as a JAL Group consolidated subsidiary, after JAL Group reduced its stake in the
trading company in March 2007.

However, in the air transportation segment, there was an increase in total
revenue. Operating revenue for the air transport segment including both
international and domestic passenger and cargo businesses, increased by 3.0% up
12.1 billion yen from 409.9 billion yen to 422.0 billion yen. An increase in
unit price contributed to increases in international and domestic passenger
revenue of 2.5% and 2.9% respectively.

Compared to the previous year, supply measured in available seat kilometers
(ASK) was 4.2% lower as a result of the airline's strategy of route
restructuring and fleet downsizing. JAL is focusing on high profit and high
growth routes and suspending low profits scheduled routes to build a more profit-
focused network. The company is also downsizing its fleet, replacing older
aircraft with new mostly medium and small size aircraft to strengthen its
competitive edge. In terms of ASK, international and domestic passenger supply
were down 5.9% and 1.5% respectively.

Total demand measured in revenue passenger kilometers (RPK) was down 6.9% on the
previous year, reflecting the decrease in supply (ASK). In terms of RPK,
international and domestic passenger demand was down 8.6% and 3.4% respectively
when compared to the previous year.

On a consolidated basis, non-airline business revenue decreased as a result of
JALUX ceasing to be a JAL Group subsidiary at the end of last financial year.

Operating expenses were 529.2 billion yen, down 24.9 billion yen or 4.5% on the
same period last year. The reduction in total operating costs is a result of
steady implementation of cost reforms outlined in the JAL Group medium-term
corporate plan. The reforms include route restructuring, fleet downsizing,
personnel reductions, fuel consumption reductions measures, and contingency
measures such as a decrease in JAL staff's basic wage.

The Group posted a first quarter net result of a 4.2 billion yen loss, an
improvement of 22.4 billion yen on the previous year's first quarter net loss of
26.7 billion yen.

JAL Group First Quarter Consolidated Results for FY07
Units: billions   1st Quarter     1st Quarter   Previou    Previous
of yen                FY07           FY06        s Year      Year
                 (April 1 -       (April 1 -    Compari       %
                 June 30,       June 30, 2006)    son     Compariso
                 2007)                                        n
Total operating      520.6           522.2        -1.5      99.7%
   International     172.1           167.8        4.2       102.5%
        Domestic     155.4           150.9        4.4       102.9%
   International      44.4           43.8         0.6       101.4%
           Other     148.7           159.5       - 10.8     93.2%
Total operating      529.2           554.1       -24.9      95.5%
Operating income     - 8.5          - 31.9        23.3        -
Ordinary income      - 3.2          - 35.5        32.3        -
1st quarter net      - 4.2          - 26.7        22.4        -
income (loss)
                                    (Figures rounded down to one decimal place.)

a) Operating Income of Air Transport Segment -

Units: billions   1st Quarter     1st Quarter   Previou    Previous
of yen                FY07           FY06        s Year      Year
                 (April 1 -       (April 1 -    Compari       %
                 June 30,       June 30, 2006)    son     Compariso
                 2007)                                        n
operating           422.0           409.9        12.1      103%
   International     172.1           167.8        4.2       102.5%
        Domestic     155.4           150.9        4.4       102.9%
   International      44.4           43.8         0.6       101.4%
   Domestic            6.7            6.8         0.0         99%
           Other      20.2           18.8         1.4        108%
Incidental Business   23.0           21.6         1.4        107%

Operating Cost       432.9          443.0        -10.0        98%
          Fuel        97.5           97.5          0.0       100%
Airport facilities    32.4           32.4          0.0       100%
    Maintenance       33.0           34.9         -1.9        95%
 Passenger Services   11.8           12.0         -0.2        98%
    Commissions       26.1           29.0         -2.8        90%
 AircraftDepreciation 17.8           18.3         -0.5        97%
    AircraftLeases    26.9           26.6          0.3       101%
       Personnel      72.5           78.3         -5.8        93%
          Other      114.9          114.0          0.9       101%
Ordinary income      -10.8          -33.0         22.1        -

b) International passenger traffic
Depreciation of the yen against the Euro and US dollar resulted in weak tourism
demand on Europe and Hawaii routes. Demand was particularly strong on Korea
routes. China and Southeast Asia route demand grew at a steady pace particularly
with regard to business passengers. Demand exceeded expectations on transpacific
and Oceania routes. Demand measured in revenue passenger kilometers (RPK)
decreased 8.6% when compared to the same period last year, mainly due to an
overall decrease in supply. Even though flight frequency on China routes was
increased in the second half of FY2006 (the year ending March 31, 2007), total
supply measured in available seat kilometers (ASK) was 5.9% lower than last year
due to reduction in flight frequency and suspensions of under-performing routes.
Increased business passenger demand and fuel surcharge increases in the second
half of FY2006 meant that unit price increased by 12.2% from the same period a
year earlier. International passenger revenue increased by 4.2 billion yen to
172.1 billion yen an increase of 2.5% on the previous year. A total of 3,091,999
passengers were carried on JAL international flights, down 3.1% on the previous

c) Domestic passenger traffic
Individual passenger and corporate demand gradually recovered. To stimulate
demand JAL offered a range of special seasonal fares. JAL carried 10,028,920
passengers on domestic routes during the first quarter, 2.3% down on the
previous year. This was mainly due to fare increases which in particular
affected demand from group passengers. Overall, demand measured in revenue
passenger kilometers (RPK) was down 3.4% on the same period a year earlier. Due
to route restructuring in Japan, supply measured in available seat kilometers
(ASK) was 1.5% down on the previous year. Unit price increased by 6.6% from the
previous year due to fare increases. Domestic passenger revenue was up 4.4
billion yen or 2.9% to 155.4 billion yen.

d) International cargo traffic
Cargo demand from Japan to China grew tenfold, and demand from Japan to other
destinations was also strong. There were concerns about demand out of Europe and
Southeast Asia due to the depreciation of the yen, but demand from China to
Europe via Japan was strong. Traffic measured in revenue cargo ton kilometers
was up 2.1%. Unit price decreased 0.7% when compared to the previous year.
Revenue was up 1.4% to 44.4 billion yen.

e) Fuel: This year's first quarter fuel costs averaged of US$79.3 per barrel of
Singapore Kerosene, compared to an average price of US$82.0 in the same period
last year. Even though the average cost per barrel fell slightly year on year,
the price of fuel still remains at a high level. The weak yen against the US
Dollar, and a reduced fuel hedging benefit also had a negative impact on the
total fuel bill. These were offset by steady implementation of the reforms
outlined in the medium-term corporate revival plan which includes such fuel
reduction measures as fleet downsizing and route restructuring. As a result, the
fuel bill for the quarter was 97.5 billion yen, the same total fuel bill for the
same period last year.

f) Miscellaneous: Steady progress has been made in implementing the cost
reduction measures outlined in the medium-term corporate revival plan FY2007-
2010, which includes personnel cost reductions, promotion of e-business and a
review of business work processes, and a review of sales commission rates and
contracts made with companies outside the JAL Group,

g) Foreign exchange: The average US dollar - yen exchange rate for the period
was US$1.00 = 119.3 yen, compared to a rate of US$1= 115.0 yen for the previous
year. The exchange rate had a negative effect on operating income of minus 2.1
billion yen. However a foreign exchange non-operating profit gain of 8.6 billion
yen was achieved through such measures as hedging.

h) Financial Targets for the consolidated results for the year ending March 31,
2008 remain unchanged on the forecast made on May 9, 2007.

Unit:                    FY 2007        Difference vs.
Japanese yen       (Year ending March       FY 2006
(yen) billions          31, 2008)
Total operating          2197.0             - 104.9
  International           724.0              - 0.8
  Domestic                691.0              15.4
  International           192.5               2.0
Other                     589.5             - 121.3
Operating income          35.0               12.1
Ordinary income           21.0                0.5
Net income                 7.0               23.2
 *Figures rounded down to the nearest tenth of a billion yen.

Key assumptions used for above figures: yen120 = US$1.00; average aircraft fuel
price = $75 per barrel

JAL Group Consolidated Traffic Statistics First Quarter

                        First Quarter   First Quarter   Change %
                           FY2007       FY2006 (April  Or points
                         (April 1 -      1 - June 30
                        June 30 2007)       2006)
     Passenger number     3,091,999       3,192,191      96.9%
    Revenue passenger    14,024,825      15,341,359      91.4%
     Kilometers (000)
       Available seat    20,675,767      21,961,711      94.1%
     Kilometers (000)
    Revenue seat load       67.8%           69.9%        - 2.1
               factor                                    points
    Revenue cargo ton     1,071,818       1,049,579      102.1%
     Kilometers (000)
  Mail ton kilometers      40,685          38,548        105.5%
          Revenue ton     2,412,255       2,510,256      96.1%
     Kilometers (000)
        Available ton     3,714,138       3,819,694      97.2%
  Revenue weight load       64.9%           65.7%        - 0.8
               factor                                    points
     Passenger number    10,028,920      10,368,755      96.7%
    Revenue passenger     7,459,864       7,724,386      96.6%
     Kilometers (000)
       Available seat    12,592,882      12,779,296      98.5%
     Kilometers (000)
    Revenue seat load       59.2%           60.4%         -1.2
               factor                                    points
    Revenue cargo ton      94,032          90,637        103.7%
     Kilometers (000)
  Mail ton kilometers      20,055          19,327        103.8%
          Revenue ton      673,080         697,319       96.5%
     Kilometers (000)
        Available ton     1,475,472       1,500,428      98.3%
       Revenue weight       45.6%           46.5%         -0.9
             l/factor                                    points
     Passenger number    13,120,919      13,560,946      96.8%
    Revenue passenger    21,484,689      23,065,745      93.1%
     Kilometers (000)
       Available seat    33,268,649      34,741,007      95.8%
     Kilometers (000)
    Revenue seat load       64.6%           66.4%        - 1.8
               factor                                    points
    Revenue cargo ton     1,165,850       1,140,216      102.2%
     Kilometers (000)
  Mail ton kilometers      60,740          57,875        105.0%
          Revenue ton     3,085,335       3,207,575      96.2%
     Kilometers (000)
        Available ton     5,189,610       5,320,122      97.5%
     Kilometers (000)
   Revenue weight l/f       59.5%           60.3%        - 0.8
International results include data from JAL, Japan Asia Airways and JALways.
Domestic results include data from JAL, Japan Transocean Air, JAL Express, Japan
Air Commuter, Hokkaido Air System, J-Air and Ryukyu Air Commuter.