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Tokyu Recreation swings to loss in Q4

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Tokyu Recreation swings to loss in Q4

Tokyu Recreation Co. Ltd. said its normalized net income for the fourth quarter was a loss of ¥1.09 per share, compared with ¥4.01 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥31.9 million, compared with income of ¥117.5 million in the year-earlier period.

The normalized profit margin dropped to negative 0.4% from 1.7% in the year-earlier period.

Total revenue increased 12.3% on an annual basis to ¥7.79 billion from ¥6.93 billion, and total operating expenses grew 14.0% from the prior-year period to ¥7.67 billion from ¥6.73 billion.

Reported net income increased on an annual basis to ¥1.12 billion, or ¥38.31 per share, from ¥35.0 million, or ¥1.19 per share.

For the year, the company's normalized net income totaled ¥15.05 per share, a decrease of 39.8% from ¥25.02 per share in the prior year.

Normalized net income was ¥441.3 million, a decline of 39.9% from ¥733.8 million in the prior year.

Full-year total revenue increased on an annual basis to ¥31.68 billion from ¥30.64 billion, and total operating expenses increased year over year to ¥30.29 billion from ¥29.37 billion.

The company said reported net income increased year over year to ¥1.41 billion, or ¥48.02 per share, in the full year, from ¥459.0 million, or ¥15.65 per share.

As of March 30, US$1 was equivalent to ¥112.45.