Japan’s Major Airlines Experience Profits Surge Amidst Rising Travel Demand in 2023

2023-11-02 19:29:32

Japan’s major airlines reported a significant recovery in profits in the first half of the current fiscal year (April-September 2023), driven by accelerating travel demand.

All Nippon Airways (ANA), Japan’s leading airline, saw its consolidated net profit more than quadruple (+377%) during the first six months of this financial year (ending March 2024), rising to 93.21 billion yen (642 million USD), according to its recently published results. Driven by an increase in the number of domestic and international travelers, ANA also announced a sharp increase in operating profit of 312.6%, reaching 129.74 billion yen (894 million USD), a record level for a period of six months. Sales increased by 26.8%, exceeding 1 trillion yen (USD 6.91 billion).

For its part, Japan Airlines ended a deficit period due to the Covid-19 pandemic, posting a consolidated net profit of 61.67 billion yen for the first six months of the current fiscal year, once morest – 2.16 billion yen a year ago. This is a record for the first half since the company’s re-listing on the Tokyo Stock Exchange in 2012.

Since April 29, Japan has reclassified Covid-19 as an infectious disease now known and at low risk for the population, at the same level as seasonal flu. This decision, which put an end to health checks upon entry into its territory, boosted tourism in the archipelago. According to government data, more than 17 million visitors arrived in Japan in the first nine months of 2023. In September, the country welcomed more than 2 million international visitors for a fourth consecutive month, reaching 96.1% of levels observed in 2019.

Sami Nemli with agencies / Les Inspirations ECO

1698970774
#JapanAirlines #record #profits