3 Japan Railways posts net profit for first time in 3 years

TOKYO Jiji Press -- Three Japan Railways Group firms posted net profits 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 their earnings projections unchanged for the full fiscal year ending March.

In April-December 2022 sales at JR East rose 16.5% year-on-year, to 1,727 billion, with its net profit of 72.5 billion against a net loss of 83.7 billion a year before, the company said Tuesday.

JR East's rail transportation revenue recovered to about 75% of the prepandemic level. The company expects to recover 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 posted 974.8 billion in sales, up 33.5%, and a net profit of 87.3 billion in the year-before net loss of 54 billion, a turnaround from the year-before net loss of 54 billion.

On Monday, JR Tokai said its sales grew 48.5 pct to 1,019. The net profit was at 180.6 billion a year ago, against 12.3 billion in net loss a year earlier.