3 JR Group Firms Log 1st April-Dec. Net Profits in 3 Yrs
Tokyo, Feb. 1 (Jiji Press)--Three Japan Railways Group firms posted consolidated net profits in the April-December period for the first time in three years, as passenger demand recovered thanks to the resumption of economic activities after COVID-19 restrictions, according to their earnings reports.
East Japan Railway Co. <9020>, or JR East, Central Japan Railway Co. <9022>, or JR Tokai, and West Japan Railway Co. <9021>, or JR West, kept intact their respective earnings projections for the full fiscal year ending in March.
Sales at JR East in April-December 2022 rose 16.5 pct year on year to 1,727 billion yen, with its net profit totaling 72.5 billion yen against a net loss of 83.7 billion yen a year before, the company said Tuesday.
JR East's rail transport revenue recovered to about 75 pct of the prepandemic level. The company expects demand to recover to some 90 pct for Shinkansen bullet train services and to around 95 pct for conventional train line services in the Kanto eastern Japan region by the end of March.
JR West, which also released its earnings results for the nine-month period on Tuesday, posted 974.8 billion yen in sales, up 33.5 pct, and a net profit of 87.3 billion yen, a turnaround from the year-before net loss of 54 billion yen.
[Copyright The Jiji Press, Ltd.]