Tokyu Land Corp. Wednesday raised its group net profit projection for the first half of the current business year to 2.5 billion yen from 500 million yen.
The real estate developer now projects a consolidated pretax profit of 3 billion yen for the April-September period against a previously projected break-even.
The Tokyu Land group expects to report first-half revenue of 230 billion yen, up from 220 billion yen.
The company attributed the upward revisions to lower sales promotion expenses and cost reductions in its property leasing business.
The company also pointed to the robust performance of do-it-yourself goods shops run by affiliate Tokyu Hands Inc. Corporate service prices fall 1.3%Corporate service prices in August fell 1.3 percent from a year earlier, posting a year-on-year decline for the 41st consecutive month, the Bank of Japan said Wednesday.
The corporate service price index in the month came to 95.3 against the 1995 base year of 100.
The index was down 0.7 percent from the previous month, the BOJ said.