Railway operator Tokyu Corp. said Monday its consolidated pretax profit dropped 47.5 percent in the fiscal first half to Sept. 30 as its mainstay rail business shrank.
Group operating profit came to 28.38 billion yen, down 23.8 percent from a year earlier on a 5.3 percent rise in sales to 471.87 billion yen.
Operating profit from the transportation business slid 7.7 percent to 21.07 billion yen due to poor results at railway units and price cuts in cargo transportation. Operating profits from real estate and construction fell 19.6 percent and 84.6 percent to 8.99 billion yen and 1.09 billion yen, respectively, due to weak demand amid the stagnant economy.
Tokyu posted a group net profit of 4.52 billion yen, reversing a loss of 16.68 billion yen a year earlier, due to smaller extraordinary losses than a year earlier when it booked 49 billion yen in one-time losses, including 34.78 billion yen for the writeoff of retirement-related obligations.