Japan’s leading air carriers ANA Holdings and Japan Airlines reported net earnings for the nine months to December, reversing losses as domestic and international travel resumed, the firms said Thursday.
ANA, Japan’s largest airline, earned a net profit of 62.6 billion yen ($486 million), reversing a loss of 102.8 billion yen in the same time last year, while JAL achieved a net profit of 16.3 billion yen, up from a loss of 128.3 billion yen.
According to a statement released by ANA, “Passenger demand is rapidly recovering” after domestic travel regulations relating to Covid-19 were lifted and international travel entry restrictions were removed by numerous nations.
Both companies’ international cargo operations also increased steadily.
For the fiscal year ending in March 2023, ANA is expecting a net profit of 60 billion yen, up from its previous expectation of 40 billion yen, thanks to a rise in domestic demand and a rebound in international demand for travel to Japan.
However, JAL lowered its net profit outlook from 45 billion yen to 25 billion yen, citing a delayed recovery in domestic business demand and the limited effects of government support for tourism.