Firms continue clinging to report days

Many companies plan to announce their financial results on the same day this year, despite various efforts to reduce excessive concentration of such presentations, a Tokyo Stock Exchange survey revealed.As many as 304 companies surveyed last month said they plan to announce their fiscal 1995 results on May 23, the peak day. Nonlife insurance companies and nonferrous metal firms tended to disperse their announcements over time. But construction firms and banks — whose share prices have recently been showing dramatic drops — tended to present results on the same date, according to survey results.The concentration of company announcements has been a headache for TSE and media reporters for a long time, because it means reporters will have less time to listen to each company’s presentations and ask questions. To give companies more time to conduct sufficient disclosure, the TSE press club last week decided to introduce a new system that limits company presentations to 24 per hour.