JAL Group posts jump in net profit for FY2023

The JAL Group has reported a sharp rise in its net profit for the fiscal year that ended in March.

The group announced its consolidated financial results on Thursday.

It said its revenue for the reporting year came to about 1.65 trillion yen, or roughly 10.7 billion dollars. That marked a 20-percent increase from the previous year in yen terms.

The group said its net profit reached some 621 million dollars. That translates to a 2.7-fold jump.

The group ascribed the brisk results to a 1.5-time gain from its international passenger revenue amid growing demand for tourism to Japan.

JAL Executive Vice President Saito Yuji told a news conference that recovery in demand for inbound tourism and other areas was much faster than his company had forecast. He added that the JAL Group firmly seized on the rebound.

The JAL Group said its net profit will expand to 100 billion yen, or approximately 650 million dollars, for the current fiscal year as it expects the supply-demand balance for international passengers to remain tight.

Meanwhile, ANA Holdings also announced its group's consolidated financial results on Friday of last week.

The company said it predicts a decline in its net income for the current fiscal year through March 2025 compared to the previous year. It said it expects competition for international flights to intensify in the airline industry.