Toshio Miyagawa, president of advertising agency Hakuhodo Inc., said Thursday his company hopes to list on the first section of the Tokyo Stock Exchange in the fall. "Our aim to be listed next fall remains unchanged," Miyagawa told reporters during a briefing on Hakuhodo's earnings reports for fiscal 2001.
The company in February 2001 announced its plan to list its shares.
Last year, Hakuhodo changed its business year from December-November to April-March. Due to the change, a simple comparison with the preceding year cannot be made. But the company's parent-only revenues in fiscal 2001, which ended March 31, came to 722.2 billion yen. Its net profit totaled 1 billion yen.
The ad agency posted an extraordinary loss of 5.6 billion yen due to the liquidation of an unprofitable U.S. Internet subsidiary and other factors.
Miyagawa said the company expects to see a net profit of 5.5 billion yen in fiscal 2002 as advertising revenues for products such as automobiles are likely to begin rising this fall.