Fluctuations in Travel and International Transport Performance Driven by the Global Economy, International Conditions and Exchange-Rate Movements
First written in FY2017-Q2. 11 of 28 entries say "Mitigated", first in FY2018-Q1. Latest entry: 2026-07-31.
Hankyu Hanshin Holdings moved to the "Worse" side of this theme in 2019, 1 year before the typical company in this theme (2020).
The whole theme swung hardest in 2019: 12 of 22 companies on the "Worse" side.
3 other companies' latest entry also says "Materialised".
- 2026-07-31MaterialisedEarnings presentation
「Although domestic travel remained firm, some overseas tours were canceled due to the situation in the Middle East, while the reversal of having received transportation support orders for Expo 2025 Osaka, Kansai in the same period of the previous year also led to lower revenue and income.」
The situation in the Middle East led to the cancellation of some overseas tours, making the impact of geopolitical risk evident in results. - FY2026WorsenedAnnual report
「There are various risk factors, including significant changes in the political and economic conditions of individual countries, laws and regulations, conflicts or terrorist acts, outbreaks of infectious diseases and other geopolitical risks. In addition, power and raw material costs may rise due to international conditions, while financial and capital markets and the domestic economy may fluctuate depending on developments in the trade policies of individual countries, among other factors.」
The company specified the scope of risks related to international conditions, extending beyond geopolitical and trade policy risks to include power and raw material costs and spillover effects on financial and capital markets and the domestic economy. - 2026-05-15MitigatedEarnings presentation
「Revenue and income increased due mainly to the recovery in air freight volumes handled in Japan, China and ASEAN.」
In the international transportation business, the recovery in air freight volumes improved operating income from a loss in the previous fiscal year to profitability in fiscal 2025. - FY2026-H1MitigatedAnnual report
「Operating revenue increased by ¥1,938 million, or 3.9%, from the same period of the previous year to ¥51,766 million, mainly because air cargo handling volumes in Japan, East Asia and ASEAN were recovering. Operating income increased by ¥2,329 million to ¥677 million.」
In the international transportation business, air cargo handling volumes recovered, increasing operating revenue by 3.9%, while operating income improved from a loss in the same period of the previous year to ¥677 million. The company stated that the impact of fluctuations in performance caused by the global economy and international conditions, among other factors, eased during the interim period. - FY2025WorsenedAnnual report
「Operating revenue increased by ¥4,417 million, or 4.4%, from the previous fiscal year to ¥104,717 million, mainly because the yen-denominated amounts of overseas subsidiaries increased due to foreign exchange movements. However, operating income decreased by ¥1,508 million, resulting in an operating loss of ¥1,284 million.」
Although the international transportation business generated higher revenue, it posted an operating loss of ¥1,284 million due to intensifying competition for orders and lower ocean freight rates, among other factors, and the impact of external environmental risks on performance continued. - FY2025-H1WorsenedAnnual report
「Due in part to a decline in cargo volumes, particularly in Japan and East Asia, operating revenue declined by ¥222 million, or 0.4%, from the same period of the previous year to ¥49,827 million, while operating income declined by ¥2,360 million year on year, resulting in an operating loss of ¥1,652 million.」
In the international transportation business, the decline in cargo handling volumes resulted in an actual decline in revenue and an operating loss of ¥1,652 million, and performance continued to deteriorate due to external factors. - FY2024-Q3WorsenedAnnual report
「In addition to the easing of tight supply and demand in both air and ocean transportation, sluggish logistics demand, particularly in East Asia, due to customer companies' inventory adjustments and other factors resulted in operating revenue declining by ¥54,039 million, or 41.8%, from the same period of the previous year to ¥75,374 million, and operating income declining by ¥5,659 million, or 88.5%, to ¥732 million.」
The easing of tight supply and demand for transportation and sluggish logistics demand due to customer companies' inventory adjustments appeared in actual results for the international transportation business as a 41.8% decline in revenue and an 88.5% decline in operating income. - FY2024-Q2WorsenedAnnual report
「In addition to the easing of tight supply and demand in both air and ocean transportation, sluggish logistics demand due to customer inventory adjustments and other factors resulted in operating revenue declining by ¥37,153 million, or 42.6%, from the same period of the previous year to ¥50,050 million, and operating income declining by ¥2,917 million, or 80.5%, to ¥708 million.」
In international transportation, the easing of tight supply and demand and sluggish logistics demand due to customer inventory adjustments appeared as a 42.6% year-on-year decline in revenue and an 80.5% decline in operating income. - FY2024-Q1WorsenedAnnual report
「As the business environment deteriorated due to easing tight supply and demand in both air and ocean transportation and sluggish logistics demand resulting from customer inventory adjustments and other factors, operating revenue declined by ¥17,863 million, or 40.9%, from the same period of the previous year to ¥25,835 million, and operating income declined by ¥1,389 million, or 72.7%, to ¥522 million.」
In international transportation, the easing of tight supply and demand and sluggish logistics demand due to customer inventory adjustments appeared as actual declines in revenue and income, and external-environment risk shifted from the easing phase of the previous fiscal year toward deterioration. - FY2023-Q3MitigatedAnnual report
「Although tight supply and demand was gradually easing both in Japan and overseas, during the nine months ended the third quarter of the current fiscal year, operating revenue increased by ¥30,845 million, or 31.3%, from the same period of the previous year to ¥129,414 million, and operating income increased by ¥776 million, or 13.8%, to ¥6,391 million.」
In international transportation, tight supply and demand for transportation was gradually easing in Japan and overseas, while operating revenue and operating income for the nine months ended the third quarter exceeded the levels in the same period of the previous year. The previous impact of the external environment on results was partially mitigated. - FY2023-Q2MitigatedAnnual report
「Although tight supply and demand in Japan was gradually easing, it continued overseas, resulting in operating revenue increasing by ¥26,846 million, or 44.5%, from the same period of the previous year to ¥87,204 million, and operating income increasing by ¥305 million, or 9.2%, to ¥3,626 million.」
In international transportation, tight supply and demand gradually eased in Japan while continuing overseas. Revenue and income increased against a backdrop including cargo volumes, and the impact of the external environment on results was partially mitigated from the previous fiscal year. - FY2023-Q1MitigatedAnnual report
「Due in part to continued tight supply and demand in both air and ocean transportation, operating revenue increased by ¥14,237 million, or 48.3%, from the same period of the previous year to ¥43,698 million, and operating income increased by ¥260 million, or 15.8%, to ¥1,911 million.」
The international transportation business achieved higher revenue and income against a backdrop of tight supply and demand in air and ocean transportation, partially mitigating the previous impact of COVID-19, international conditions and other factors on results. - FY2022-Q3MitigatedAnnual report
「In addition to increased cargo volumes as activity recovered from the impact of COVID-19, tight supply and demand in both air and ocean transportation resulted in operating revenue increasing by ¥40,090 million from the same period of the previous year to ¥98,568 million, and operating income increasing by ¥4,585 million to ¥5,615 million.」
The international transportation business achieved higher revenue and income against a backdrop of recovering cargo volumes and tight supply and demand in air and ocean transportation, mitigating part of the adverse impact of the external environment on results. - FY2022-Q2MitigatedAnnual report
「In addition to increased cargo volumes as activity recovered from the impact of COVID-19, tight supply and demand in both air and ocean transportation resulted in operating revenue increasing by ¥23,052 million from the same period of the previous year to ¥60,357 million, and operating income increasing by ¥2,857 million to ¥3,320 million.」
The international transportation business achieved higher revenue and income against a backdrop of recovering cargo volumes and tight supply and demand in air and ocean transportation, mitigating part of the adverse impact of the external environment on results. - FY2022-Q1MitigatedAnnual report
「Due to factors including an increase in volumes as activity recovered from the impact of COVID-19 and higher selling prices amid tight supply and demand in air transportation, operating revenue increased by ¥10,647 million from the same period of the previous year to ¥29,461 million, and operating income increased by ¥1,639 million to ¥1,651 million.」
Although the impact of COVID-19 remained, the international transportation business achieved higher revenue and income due to the recovery in volumes and higher air transportation prices, mitigating part of the impact of the external environment on results. - FY2021MitigatedAnnual report
「Even under these conditions, the company worked to improve the overall business balance by capturing demand for emergency transportation in East Asia and through other measures.」
Although the impacts of US-China trade friction and COVID-19 continued, the international transportation business achieved higher revenue and income due in part to capturing demand for emergency transportation in East Asia, mitigating part of the impact of the external environment previously identified. - FY2021-Q2MitigatedAnnual report
「Due in part to a decline in air transportation volumes resulting from the impact of COVID-19, operating revenue declined by ¥822 million, or 2.2%, from the same period of the previous year to ¥37,305 million. However, operating income increased by ¥854 million from the same period of the previous year to ¥463 million, due in part to emergency transportation volumes in East Asia and increased logistics business volumes in Japan.」
Although the decline in air transportation volumes due to COVID-19 continued, operating income exceeded the level in the same period of the previous year due to emergency transportation in East Asia and increased logistics volumes in Japan, mitigating part of the impact. - FY2021-Q1MaterialisedAnnual report
「Due in part to a decline in air transportation volumes resulting from the impact of COVID-19, operating revenue declined by ¥321 million, or 1.7%, from the same period of the previous year to ¥18,814 million.」
The impact of COVID-19 actually appeared in the international transportation business as a decline in air transportation volumes. Meanwhile, operating income was ¥12 million due to emergency transportation in East Asia and increased logistics volumes in Japan. - FY2020-Q3MaterialisedAnnual report
「Due in part to a decline in air transportation volumes, particularly in Japan and East Asia, resulting from the impact of trade friction between the United States and China, operating revenue declined by ¥10,851 million, or 15.9%, from the same period of the previous year to ¥57,426 million, while operating income declined by ¥2,402 million year on year, resulting in an operating loss of ¥255 million.」
The decline in air transportation volumes due to US-China trade friction and other factors continued to appear in actual results as lower revenue and an operating loss in the international transportation business. - FY2020-Q2MaterialisedAnnual report
「Due in part to a decline in air transportation volumes, particularly in Japan and East Asia, resulting from the impact of trade friction between the United States and China, operating revenue declined by ¥6,036 million, or 13.7%, from the same period of the previous year to ¥38,127 million, while operating income declined by ¥1,219 million year on year, resulting in an operating loss of ¥391 million.」
The impact of US-China trade friction, previously disclosed as an international conditions and global economic factor, continued to appear in actual results in the form of lower air transportation volumes and an operating loss in the international transportation business. - FY2020-Q1MaterialisedAnnual report
「Due in part to sluggish air transportation volumes, particularly in East Asia, resulting from the impact of trade friction between the United States and China, operating revenue declined by ¥2,751 million, or 12.6%, from the same period of the previous year to ¥19,135 million, while operating income declined by ¥508 million year on year, resulting in an operating loss of ¥216 million.」
The international conditions and global economic factors previously disclosed as risks actually appeared in results in the form of sluggish air transportation volumes in East Asia and elsewhere due to US-China trade friction and an operating loss. - FY2019-Q3RestatedAnnual report
「Although affected by natural disasters, operating revenue increased by ¥725 million, or 2.7%, from the same period of the previous year to ¥27,441 million due in part to strong overseas travel. However, operating income declined by ¥836 million, or 27.3%, to ¥2,223 million due in part to higher advertising and other expenses.」
Overseas travel remained strong and air exports in international transportation also remained firm, but operating income in both the travel and international transportation businesses was below the level in the same period of the previous year. The company states that there were no material changes to risks related to international conditions, foreign exchange and other factors. - FY2018-Q3RestatedAnnual report
「Operating revenue increased by ¥3,726 million, or 16.2%, from the same period of the previous year to ¥26,715 million, and operating income increased by ¥2,289 million, or 297.2%, to ¥3,060 million, due in part to increased customer numbers for European destinations in overseas travel and firm customer numbers in domestic travel.」
Compared with the decline in customer numbers for European travel due to worsening international conditions and other factors disclosed for the previous fiscal year, the company reports that customer numbers for European destinations increased during the nine months ended the third quarter of the current fiscal year and that international transportation remained firm, centered on air transportation. - FY2018-Q2RestatedAnnual report
「During the six months ended the second quarter of the current fiscal year, operating revenue, operating income, ordinary income and net income attributable to owners of the parent all increased due to factors including increased customer numbers for European destinations in the travel business, strong performance in the sports business within the entertainment and communications business, and firm performance centered on air transportation in the international transportation business.」
Following the previous quarter, the company reports increased customer numbers for European destinations and firm performance in air transportation within international transportation. The adverse effects previously attributed to worsening international conditions and weak logistics demand were not prominent in the six months ended the second quarter, and the results of the travel and international transportation businesses are described as being on a recovery trend. - FY2018-Q1MitigatedAnnual report
「In addition to the increase in customer numbers for European destinations in the travel business and firm performance centered on air transportation in the international transportation business,」
Regarding the travel and international transportation businesses, for which the previous fiscal year disclosed the impact of worsening international conditions and weak logistics demand, the company reports increased customer numbers for European destinations and firm performance in air transportation during the first quarter of the current fiscal year. - FY2017RestatedAnnual report
「In the overseas travel segment, customer numbers for Oceania and East Asian destinations remained strong, but customer numbers for Europe declined due in part to worsening international conditions.」
The company states that the decline in customer numbers for European travel due to worsening international conditions, regional weakness in international transportation and the decline in yen-converted amounts resulting from foreign exchange movements continued to affect results. - FY2017-Q3RestatedAnnual report
「In the overseas travel segment, customer numbers for Oceania and East Asian destinations remained strong, but customer numbers for Europe declined due in part to worsening international conditions.」
The company continues to disclose the decline in customer numbers for European travel due to worsening international conditions, concerns about a downturn in overseas economies, weak logistics demand in international transportation and the impact of foreign exchange movements. - FY2017-Q2First statedAnnual report
「During the six months ended the second quarter of the current fiscal year, the Japanese economy showed signs of improvement in employment conditions, but concerns about downside risks to the global economy and other factors meant that uncertainty continued. In the overseas travel segment, customer numbers for Oceania and Asian destinations including Taiwan and Hong Kong remained strong, but customer numbers for Europe declined due in part to worsening international conditions. As a result, operating revenue declined by ¥1,088 million, or 6.6%, from the same period of the previous year to ¥15,403 million, and operating income declined by ¥610 million, or 59.8%, to ¥410 million. In the international transportation business, overseas subsidiaries performed steadily in East Asia and ASEAN, mainly in ocean exports, but remained sluggish in the Americas and Europe due to weak air transportation. The Japanese subsidiary also saw sluggish air transportation due to the decline in logistics demand. As a result, operating revenue declined by ¥5,061 million, or 12.6%, from the same period of the previous year to ¥34,978 million, partly due to a decline in yen-converted amounts resulting from foreign exchange movements at overseas subsidiaries, while operating income declined by ¥144 million, or 20.3%, to ¥568 million.」
The company states that concerns about a downturn in the global economy, worsening international conditions, a decline in logistics demand and foreign exchange movements actually affected customer numbers and results in the travel and international transportation businesses. It also states that no new risks had arisen in the business and other risks section.