COVID-19 Crisis Causes Losses to Japanese Tourism Biz

Economy

Tokyo, May 13 (Jiji Press)--The COVID-19 crisis' damage to tourism businesses is becoming apparent, with the holding company of Kinki Nippon Tourist Group reporting its first consolidated net loss in three years Wednesday.

KNT-CT Holdings Co. <9726> posted a loss of 7,443 million yen for the year through March, against the previous year's profit of 1,279 million yen.

The company suffered from cancellations of travel, accommodation and party plans, as well as a lack of new reservations, because travel demand slumped as the coronavirus forced people to stay home and avoid travel.

"The extremely harsh situation will continue for a while," an official said.

Consolidated sales fell 6.4 pct to 385,362 million yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press