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JAL, ANA mark full earnings recovery from pandemic

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03 May 2024 04:05:48 GMT9
03 May 2024 04:05:48 GMT9

TOKYO: Japan Airlines and ANA Holdings Inc. have reported growth in revenue and earnings for the year that ended in March, marking a full recovery from their slumps caused by the COVID-19 pandemic.

JAL logged a net profit of 95.5 billion yen, up 2.8-fold from the previous year. Its revenue jumped 20.1 pct to 1,651.8 billion yen.

Passenger flight service revenue expanded at both companies as economic activity returned to normal after Japan fully removed its COVID-19 restrictions last year.

At JAL, international passenger flight service revenue reached 622.3 billion yen thanks to an increase in visitors from abroad, surpassing the prepandemic level.

For fiscal 2024 through next March, the company expects a 16.8 pct increase in total revenue to 1.93 trillion yen, and a 4.7 pct rise in net profit to 100 billion yen.

“We’re relieved” that the slump from the pandemic has ended, Executive Vice President Yuji Saito told a news conference Thursday.

Regarding sluggish growth in demand for outbound international flights due to the weak yen, he said that the domestic demand does not recover although various measures have been taken.

ANA Holdings said Friday that its consolidated net profit soared 75.6 pct to 157 billion yen, hitting a record high.

Its core subsidiary, All Nippon Airways, logged international passenger flight service revenue of 728.1 billion yen, up 68 pct, surpassing its domestic flight service revenue for the first time.

For the current year through March 2025, its net profit is forecast to fall some 30 pct to 110 billion yen as the company plans to spend more on maintenance and investment in human resources after saving such expenditures during the pandemic.

JIJI Press

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