Japan’s TFC sees rise in annual pretax profits

Net profit sank by 40% to $24.3 mil

TOKYO — Amid a tough environment for its satcasters and TV commercial production, Tohokushinsha Film Corp. announced a pretax profit of 5.52 billion yen ($47.2 million) for the financial year ended March 31, 30% up on the previous year.

However, net profit sank by 40% to $24.3 million.

Sales declined by 10% to $575.8 million, mostly due to a weak market for TV commercials, one of TFC’s main production staples. This was compensated by the increased production of dubbed and subtitled foreign-language films and the sale of broadcast rights to its TV program library.

An increase in subscribers for TFC’s cable and sat TV businesses helped increase revenue of the highly diversified company. Equally important for the bottom line were brisk sales of DVDs.

TFC announced that Hiroshi Hayashida will take over as prexy-CEO on June 27, while its long-serving founder, prexy and CEO, Banjiro Uemura, will become chairman of the board.

Hayashida joined TFC in 1972.