Net Losses at 3 JR Firms Top 1 T. Yen in FY 2020

Economy

Tokyo, April 30 (Jiji Press)--Combined group net losses at three major Japan Railways Group companies in fiscal 2020 topped 1 trillion yen, with passenger demand faltering amid the continuing spread of the novel coronavirus, according to their earnings reports released by Friday.

In the year that ended in March, East Japan Railway Co. <9020>, or JR East, and Central Japan Railway Co. <9022>, or JR Tokai, incurred their first annual net losses since they and other JR Group firms, including West Japan Railway Co. <9021>, or JR West, were created in April 1987 through the breakup and privatization of the Japanese National Railways.

JR West suffered its first annual net loss since fiscal 1998, with the latest red ink marking its worst result on the bottom line.

The coronavirus crisis led to sharp decreases in passengers on the three firms' Shinkansen bullet trains and non-Shinkansen trains. The net loss came to 577.9 billion yen at JR East, 201.5 billion yen at JR Tokai and 233.2 billion yen at JR West, compared with the preceding year's net profits of 198.4 billion yen, 397.8 billion yen and 89.3 billion yen, respectively.

"The (fiscal 2020) result was very tough," JR West President Kazuaki Hasegawa told a press conference on Friday.

[Copyright The Jiji Press, Ltd.]

Jiji Press