2023/12/01 / Last updated : 2023/12/01 東京支店 blog

NARITA AIRPORT PROFITABLE FOR THE FIRST TIME IN FOUR QUARTERS DUE TO A SIGNIFICANT RECOVERY IN INTERNATIONAL FLIGHTS

Narita International Airport Company recently disclosed its fiscal 2024 interim consolidated financial results (April to September 2023). Operating revenue rose for the third consecutive quarter to 99.7 billion yen, soaring from 53.1 billion yen last year. This surge was driven by a significant increase in international flights and passengers. The company saw a turnaround in its financials, securing an operating income of 4.3 billion yen, a significant improvement from the 17 billion yen loss last year, and an interim net income of 3.6 billion yen, compared to an 18.5 billion yen loss last year, marking its first profit in four years.

Key highlights by segment include a 61.2% surge in airport management revenue, reaching 41.8 billion yen, while registering a 13.5 billion yen operating loss. The retail business experienced a remarkable 318.3% revenue increase to 42.2 billion yen, yielding an operating income of 11.5 billion yen due to a substantial boost in sales and food & beverage revenue. However, the facility lending business faced an 8.8% revenue decrease to 14.2 billion yen, with operating income dropping to 5.8 billion yen due to reduced lease areas for quarantine stations.

October 2023 witnessed a record surge in foreign passenger numbers. The total passenger count for October 2023 marked a staggering 82% increase from the same period last year, reaching 3.01 million (a 15% decrease from October 2019). Specifically, international passengers surged by 124% year-on-year to 2.32 million (22% lower than the previous year), with foreign passengers hitting a record high of 1.56 million (a 3% increase year-on-year). Domestic passengers rose by 12% (16% higher than the previous year), setting a new October record.

The company anticipates an estimated 27.83 million international passengers for the full year of 2023, a 105.3% increase from the previous year, and 7.63 million domestic passengers, a 9.6% increase. Operating revenue is projected to reach 200.6 billion yen, up by 52.7% year-on-year, with an expected operating profit of 5.3 billion yen.