OSAKA (Kyodo) Construction company Takenaka Corp. reported Tuesday a consolidated net loss of 18.54 billion yen in the business year to Dec. 31.
The loss, which translates into 195.86 yen per share, compares with the previous year's profit of 2.61 billion yen.
Takenaka blamed the net loss on an extraordinary loss of 48.91 billion yen that stemmed from changes in its accounting method related to retirement money and the sale of a golf course in Nagano Prefecture.
Group operating revenues declined 3 percent to 1.022 trillion yen, reflecting a 3.3 percent drop in the value of construction work completed to 961.44 billion yen.
But improved profitability from construction work completed and a cut in marketing and administrative expenses helped Takenaka boost its pretax profit by 63.9 percent to 16.79 billion yen.
Despite the net loss, Takenaka said it has a bright business outlook because orders received in the just-ended business year grew 5.2 percent on a parent-only basis to 881.11 billion yen, topping the value of completed construction projects for the first time in 12 years.
For the current business year, Takenaka forecasts a group net profit of 11 billion yen and a pretax profit of 22 billion yen on operating revenues of 1.1 trillion yen.