TOKYO — Toei, one of Japan’s major film studios with diversified business interest in tourism and real estate, announced disappointing results for the fiscal year ended March 31.
Consolidated group net profits of ¥911 million ($7.3 million) were down 89.9% compared with a year ago due to an extraordinary loss of $26.1 million. More than $15 million alone evaporated through valuation losses on stockholdings.
On the pre-tax balance, group grew 6.6%, with pre-tax profits of $51.9 million on sales of $941.8 million.
Movie sector up
Revenues at Toei’s main movie-related businesses rose 2% to $711 million, balanced by a decline of 15.5% in tourism and real estate ventures where sales reached $113 million.
The movie sector profited from constant strong demand for Toei’s studios and production services, while distribution and exhibition felt the lack of a major blockbuster, such as competitor Toho’s record-breaker “Spirited Away.”
A main contributor to the group’s performance remains its animation studio, Asia’s largest, under the separated corporate banner Toei Animation.