Central Japan Railway Co. (JR Tokai) said it registered 52.96 billion yen in consolidated net profits for fiscal 2000, up 40.6 percent from the previous year.
The jump was credited to the full opening of a new terminal building in Nagoya and capital gains from the sale of shares in Japan Telecom Co.
Its pretax profits rose 7.9 percent to 72.37 billion yen, and sales improved 9.1 percent to 1.33 trillion yen — the first increases in four years. Operating profits stood at 335.95 billion yen, up 3.1 percent.
Sales and profits from a department store, tenant building and hotel at JR Central Towers in Nagoya all showed better performance than in projections, the company said.
Overall sales from the three businesses came to 102 billion yen, against an initial prediction of 85.7 billion yen; pretax profits were 2.3 billion yen against the initially projected losses of 7.5 billion yen, the company said.
JR Tokai reduced its long-term debts by 231.9 billion yen during the past fiscal year, although its outstanding debt still stood at 4.71 trillion yen as of the end of March.
On a parent company basis, JR Tokai reported a pretax profit of 65.17 billion yen in fiscal 2000, down 7.3 percent from the previous year, and a net profit of 51.19 billion yen, up 24.9 percent.
Meanwhile East Japan Railway Co. (JR East) said the same day that its pretax profits edged up 1.7 percent to 133.96 billion yen in fiscal 2000 over groupwide sales worth 2.546 trillion yen, up 1.7 percent from a year before.
Its operating profits decreased 5.3 percent to 323.75 billion yen due to changes in accounting rules for pension liabilities, but pretax profits increased thanks to falls in interest payments, the largest railway operator said.
Consolidated net profits totaled 69.17 billion yen, up 3.3 percent from the previous year.
On an unconsolidated basis, JR East said it suffered a decreased pretax profit of 97.87 billion yen, down 9.6 percent, and a net profit of 56.26 billion yen, down 6.8 percent.
Kyushu Railway Co. (JR Kyushu) also said the same day that its pretax profits for fiscal 2000 came to 5.65 billion yen, a 7.7 percent rise from the previous year, on group sales of 160.57 billion yen, down 0.3 percent.
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