Coin Press - ANA, JAL see profits soar on travel recovery

ANA, the country's biggest airline, reported a net profit of 62.6 billion yen ($486 million), reversing a 102.8 billion yen loss in the same period the year before, while its rival JAL saw a 16.3 billion yen net profit, up from a loss of 128.3 billion yen.

"Passenger demand is rapidly recovering due to the easing of restrictions related to Covid-19 for domestic flights and the easing of entry restrictions in many countries for international flights," ANA said in a statement.

They also saw steady growth in international cargo business.

ANA lifted its annual net profit forecast for the year ending March 2023 to 60 billion yen from an earlier projection of 40 billion yen, citing recovery in demand for business and tourism travel to Japan, as well as steady growth in domestic travel.

However, JAL revised down its net profit estimate to 25 billion yen from 45 billion yen, saying domestic business demand is recovering slowly and the effects of the government's support for tourism have been limited.

Both companies were hit hard by restrictions in Japan and worldwide during the pandemic.

X.Wong--CPN