Pre-tax profits to drop 53% from last year

TOKYO — Japan’s oldest movie studio Shochiku warned its pre-tax profits for the current fiscal year ending February will drop by 53% from a year ago to 550 million yen ($5.1 million).

The studio’s revenues will slump by 11% to $413 million, from the last fiscal year, because of poor B.O. from “Suzuran (Lily of the Valley),” the movie version of pubcaster NHK’s popular series drama.

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