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Japan’s JTB Group posts biggest ever loss
Japan’s largest travel agency group JTB posted a record annual loss as travel demand plummeted in Japan and worldwide.
It posted a ¥105.1 billion ($960 million) loss, compared to a $14.5 million profit the previous year.
It is giving no guidance for the year ahead due to the uncertainty but says a return to profitability is possible if there is good progress in vaccinating people and international borders reopen in the next few months.
In the meantime it is restructuring the business to respond to the uncertain future by cutting jobs and reducing the number of domestic travel agency branches across Japan.
It is also reportedly considering a share issue to bring in more funds.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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