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Central Japan Railway Co. (JR Tokai) said Thursday its consolidated operating revenues grew 2.5 percent to 1.37 trillion yen in fiscal 2001, due to increased traffic on its Tokaido Shinkansen Line bullet train services.

The total includes 1.13 trillion yen from the company’s core business of railway and bus transportation services, up 2.2 percent.

The increased revenues pushed up operating profits by 10.3 percent to 370.48 billion yen, while pretax profits grew 29.8 percent to 93.91 billion yen.

The large increase in pretax profit was because the company did not need to book losses related to underfunded retirement allowance reserves, JR Tokai said, adding one-time charges to cover the reserves were taken care of the previous year.

However, JR Tokai reported a 20.5 percent fall in group net profit to 42.09 billion yen, due partly to losses from the securitized sale of real estate holdings.

Net profit per share fell to 18,790.60 yen from 23,643.11 yen.

The Nagoya-based company plans to pay a full-year dividend of 5,000 yen per share for the just-ended fiscal year, unchanged from the previous year and including an interim dividend of 2,500 yen.

For the current fiscal year, JR Tokai forecast consolidated pretax profits of 95.6 billion yen and net profits of 48.2 billion yen on group operating revenues of 1.35 trillion yen.

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