3 JR Group Firms Log 1st April-Dec. Net Profits in 3 Yrs

Jiji Press

16:29 JST, February 1, 2023

TOKYO (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., Central Japan Railway Co. and West Japan Railway Co. 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% year on year to ¥1,727 billion, with its net profit totaling ¥72.5 billion against a net loss of ¥83.7 billion a year before, the company said Tuesday.

JR East’s rail transport revenue recovered to about 75% of the prepandemic level. The company expects demand to recover to some 90% for Shinkansen bullet train services and to around 95% 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 in sales, up 33.5%, and a net profit of ¥87.3 billion, a turnaround from the year-before net loss of ¥54 billion.

On Monday, JR Tokai said that its sales grew 48.5 pct to ¥1,019.1 billion and its net profit stood at ¥180.6 billion against ¥12.3 billion in net loss a year earlier.