Co. beats pre-tax profit expectations with $72 mil
TOKYO — Toho, Japan’s leading film distributor/exhibitor, improved its financial forecast on Thursday thanks to the box office success of local blockbuster “Bayside Shakedown 2.”
Parent company Toho expects a pre-tax profit of 8.5 billion yen ($72 million) for the first half ended Aug. 31, up 12% from a year earlier. A previous forecast was much more modest and indicated a 21% decline in pre-tax profit.
“Bayside Shakedown 2,” released July 19, had grossed $114.5 million by Aug. 31, a new record for a Japanese feature at home.
Accordingly, Toho’s group pre-tax profit also will beat expectations, which foresaw a profit decline by 15% compared with a year earlier. A number close to $85 million is expected.