Oriental Land Co., the operator of Tokyo Disneyland and Tokyo DisneySea, said Thursday that it is bracing for its first full-year consolidated net loss since its listing on the Tokyo Stock Exchange in 1996.
The company said it expects to report a net loss of ¥51.110 billion for fiscal 2020, which ends next March, after enjoying ¥62.217 billion in net profit in the previous year.
The dismal forecast reflects a plunge in sales due to the monthslong closures of the two Disney theme parks in the city of Urayasu, Chiba Prefecture, amid the coronavirus outbreak and the reduced number of visitors after the reopening of the parks.
Oriental Land estimates its full-year consolidated sales will fall 60.1% year on year to ¥185.460 billion.
The company will consider introducing a dynamic pricing plan to boost sales per customer.
In the April-September first half, Oriental Land posted group sales of ¥59.149 billion, down 76.2% from a year before, and a net loss of ¥30.095 billion, against a year-before net profit of ¥43.084 billion.
The number of visitors to the theme parks in the first half plummeted some 80% to 2.69 million.
Oriental Land will cut executive pay further between November and March 2021.
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