Annual Report Profile JAL Group Overview Consolidated Financial Highlights Consolidated Operating Highlights Message from the Group CEO Interview with the Group CEO Spreading New Wings of Trust Review of Operations Fundamental Policies and Actions Regarding Corporate Governance Management's Review and Analysis of Financial Position Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Stockholder' Equity (Note8) Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Report of Independent Auditors Consolidated Subsidiaries JAL and Its Subsidiaries and Affiliates Directory JAL Group Route Network Board of Directors Investor Information

Consolidated Financial Highlights

Japan Airlines Corporation and Consolidated Subsidiaries
For the Years Ended March 31, 2005, 2004 and 2003

			Millions of yen	Thousands of U.S. dollars
Years ended March 31,	2005	2004	2003	2005
For the Year:
Operating Revenues	¥2,129,876	¥1,931,742	¥2,083,480	$19,905,383
Operating Expenses	2,073,727	1,999,387	2,072,891	19,380,626
Operating Income (loss)	56,149	(67,645)	10,589	524,757
Net Income (loss)	30,096	(88,619)	11,645	281,271
Net Income (loss) Per Share (yen and dollars)	¥15.24	¥(45.19)	¥5.92	$0.142
At Year-End:
Long-Term Debt	¥1,178,932	¥1,170,156	¥1,094,285	$11,018,056
Stockholders’ Equity	194,746	159,273	254,256	1,820,056
Total Assets	2,162,654	2,113,418	2,172,284	20,211,719
Shares Issued (thousands)	1,982,383	1,980,465	1,980,465

Note:
The U.S. dollar amounts in this annual report are translated from yen amounts, solely for convenience, at ¥107=U.S.$1.00, the exchange rate prevailing on March 31, 2005 (see Note 2 to the Consolidated Financial Statements).

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