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Odakyu Electric Railway Co. said Wednesday it posted a group pretax profit of 29.41 billion yen in the 2001 business year, up 6.9 percent from the previous year, due to its strengthened management bases.

The leading railway company said its cost-cutting and other management efforts made up for a 2.1 percent fall in group operating revenues to 658.64 billion yen in the year to March 31.

Revenues in the real estate segment fell 17.1 percent and those in the retail segment were down 3.3 percent due to sluggish individual consumption amid severe income and employment conditions, it said.

On a group net basis, the company posted a profit of 5.05 billion yen, rocketing 605.5 percent, due mainly to an increase in net income under deferred tax accounting.

For the current year, the company forecasts group pretax profits of 28.2 billion yen and net profits of 9.4 billion yen on operating revenues of 649 billion yen.

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