Japan Airport Terminal, the Haneda terminal operator, raised its full-year forecast for operating profit to ¥51.5bn from ¥45.6bn and for revenue to ¥304.7bn from ¥296.7bn, after a first half in which international travellers outran its own plan.
First half. Operating revenue for the six months to 30 September rose 5.0% to ¥148.6bn, a record, and operating profit rose 29.2% to ¥27.7bn. Net profit attributable to owners of the parent rose a slower 5.9% to ¥14.2bn. The company said tax expense recognised at some subsidiaries, where use of tax-loss carryforwards became more likely, left net profit below its original forecast.
Demand. In the July-September quarter, international passengers at Haneda rose 1.5% year on year, while domestic passengers fell 2% because typhoons cancelled many flights during the Obon and Silver Week peaks. Sales at international-flight shops rose 7.4% to ¥50.7bn, which the company attributed to higher passenger numbers and strong tax-free demand with the yen weak.
New terminal space. The Terminal 1 North Satellite opened on 1 September. The company describes it as a steel-and-timber hybrid structure with six boarding gates. Terminal fees for domestic flights were revised at the opening and contributed to higher facility-usage income.
Payout. The interim dividend is ¥48 a share, unchanged from the earlier forecast, with a year-end forecast of ¥47 and an annual forecast of ¥95. The new annual net profit forecast of ¥25.8bn is 11.5% below the previous year's result. For background on the September share sale, see Earlier Tokyo Brief coverage.