Hanshin, Hankyu Report Record Group Pretax Profits
Posted on: Wednesday, 17 May 2006, 12:02 CDT
By Kyodo News International, Tokyo
May 17--OSAKA -- Hanshin Electric Railway Co. and Hankyu Holdings Co., which are pursuing management integration, on Wednesday reported respective record group pretax profits for fiscal 2005.
Hanshin's consolidated pretax profit for the year that ended March 31 increased 29.6 percent from the previous year to 21 billion yen as revenues expanded 4.8 percent to 313.2 billion yen.
The sales expansion owed partly to its retail division's special sales campaigns to mark the Hanshin Tigers professional baseball team's winning of the Central League title last year.
Hankyu Holdings, which owns Hanshin's rival Hankyu Electric Railway Co., boosted its fiscal 2005 group pretax profit 10.8 percent to 54.1 billion yen as revenues rose 2.0 percent to 486.1 billion yen on an increase in railway passenger traffic.
Both Hanshin and Hankyu Holdings expect to increase profit and revenues in the current fiscal year.
The two companies have reached broad agreement to pursue their management integration while Hankyu Holdings has been negotiating with financier Yoshiaki Murakami's investment fund to buy the fund's equity stake of some 47 percent in Hanshin.
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Source: Kyodo News International, Tokyo
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