Japanese travel agency group H.I.S. Co. saw revenue dip 80.5% in the November-January quarter. It booked just $356 million in revenue and had an operating loss of nearly $100 million.
The company had benefitted greatly from the ‘Go To Travel’ government subsidised travel campaign but business dried up when it was suspended as Covid cases spiked across several prefectures.
H.I.S. also said it will suspend planned changes in its management structure and will instead focus on riding out the pandemic with the current management setup. It was set to change to a holding company structure in November.
