Entertainment house Yoshimoto Kogyo Co. said Friday its half-year group net profit soared 111.3 percent from a year earlier to 1.21 billion yen, despite its group pretax profit and revenues being almost flat.

Yoshimoto Kogyo attributed the two-fold profit rise in the first half to a one-time gain of 1.24 billion yen that resulted from the sale of stock in connection with a share exchange deal in September between its U.S. record production subsidiary and a Hong Kong music production company, Rojam Entertainment Holdings Ltd.

The company said its group pretax profit in the April-September period dipped 1 percent from a year earlier to 1.51 billion yen on group revenues of 18.29 billion yen, down 0.9 percent.

The sales fall is attributable to decreased revenues resulting from selling all the shares of its restaurant subsidiary, which more than offset increased revenues in its mainstay management of vaudeville theaters and its comic-show business.

For the full year to March 31, Yoshimoto Kogyo said it expects a group net profit of 1.9 billion yen and pretax profit of 2.9 billion yen on group revenues of 37.7 billion yen.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.