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FIVE RAILWAYS IN JAPAN POST LOSS ON LARGER RESTRUCTURING COSTS.
TOKYO, June 3 Asia Pulse - Five of Japan's 15 major private railways posted group net losses in the year ended March due mainly to disposal of paper losses on landholdings as well as heavy restructuring costs related to the closure of unprofitable entertainment facilities.
Despite net profit at 10 of the firms, the losses accumulated by the 15 railways resulted in a combined net loss of 143.7 billion yen ($A2.05 billion ($US1.16 billion) for the companies as a group, 280 per cent worse than the previous year.
Tobu Railway Co (TSE:9001) and four other firms cleared away unrealized losses on fixed assets in preparation for the introduction of asset-impairment accounting.
Many railways reorganized unprofitable leisure businesses during the term. Odakyu Electric Railway Co. (9007) posted losses of over 1.3 billion yen associated with closing an amusement park in Kanagawa Prefecture. Hanshin Electric Railway Co. ...
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