Kinki Nippon Tourist Operator's Revenue Dive in April-June

Economy

Tokyo, Aug. 6 (Jiji Press)--KNT-CT Holdings Co. <9726>, the parent of Kinki Nippon Tourist brand travel agencies, said Thursday that its group revenue in April-June dived 97.0 from a year before due to the new coronavirus crisis.

Its revenue in the first quarter of fiscal 2020 totaled 3,322 million yen, the lowest level on a quarterly basis.

The company saw demand for overseas tours disappear due to travel restrictions imposed around the world amid the pandemic. Revenue from domestic tours tumbled reflecting trends to stay home to reduce infection risks.

The company posted an operating loss of 14,252 million yen, against the year-before profit of 2,700 million yen, and a net loss of 9,804 million yen, compared with the profit of 1,673 million yen.

KNT-CT stopped short of giving full-year earnings forecasts because of uncertainty over travel demand amid the pandemic although it is pinning hopes on the Japanese government's Go To Travel tourism promotion campaign.

[Copyright The Jiji Press, Ltd.]

Jiji Press