Travel agency H.I.S. said Friday that it posted its first half-year net profit in five years, reflecting a recovery in travel demand after the COVID-19 crisis.
For the six months through April, H.I.S. reported a consolidated net profit of ¥3.8 billion ($24.2 million), against a net loss of ¥4.8 billion a year before.
The profit was also attributed to strong hotel operations thanks to demand from foreign visitors to Japan.
The company also returned to an operating profit, of ¥5.7 billion, from the year-before loss of ¥3.3 billion, with sales soaring 56.6% from a year earlier to ¥161.1 billion.
For the full year through October, H.I.S. revised up its earnings projections based on the strong first-half results.
Still, H.I.S. President and CEO Motoshi Yada told a news conference that the recovery in demand for summer international travel is slow due to a weak yen and higher fuel surcharges and airline fares.
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