Major travel agency H.I.S. Co. said Monday its sales plunged 80.5% to ¥38.86 billion ($356 million) in the November-January quarter from a year earlier due to a sharp decrease in travel demand caused by the continuing novel coronavirus pandemic.

H.I.S. logged an operating loss of ¥11.68 billion and a net loss of ¥7.98 billion in the three months through January, as the virus hit the tourism industry hard.

Governments around the world have restricted the entry of travelers at their borders in a bid to contain the COVID-19 disease, while the Japanese government suspended its nationwide travel subsidy program, aimed to help the tourism sector, on Dec. 28 due to a resurgence of virus infections across the country.