Travel agency H.I.S. Co. said Saturday it expects to report a record net loss of ¥53 billion ($465 million) for the year ending this month, its second straight year in the red, as the coronavirus wreaks havoc on the industry.
The Japanese firm's latest result follows the ¥25 billion loss it made in the previous fiscal year. Revenue for the current year is expected to fall 70% to ¥125 billion, it said, adding it will not pay an annual dividend.
Nearly 80% of the company's revenue comes from services linked to overseas travel.
H.I.S. in September sold its head office in Tokyo for ¥32.4 billion to improve its financial position. It also plans to raise ¥21.5 billion through third-party allotment and issuance of share warrants, it said.
Its rival JTB Corp. has also been undertaking restructuring efforts, including the sale of offices.