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Narita Airport Firm to Pay 1st Dividend to Gov't

Posted on: Thursday, 18 May 2006, 12:04 CDT

By Kyodo News International, Tokyo

May 18--NARITA -- Narita International Airport Corp., the firm operating Narita airport, said Thursday it will pay the first dividend since its state-run predecessor, the New Tokyo International Airport Authority, became a stock firm in 2004.

The airport operator is paying a total of 2 billion yen in dividends for the 2005 business year to the government, which has owned all of its 2 million outstanding shares since it became a stock firm on April 1, 2004.

The company has decided to pay the first dividend "to steadily pass our profits onto our shareholder," a company official said.

In a consolidated earnings report for the 12-month period to March 31, the company said it posted pretax and net profits of 32 billion yen and 14.7 billion yen, respectively.

The corporation, capitalized at 100 billion yen, is owned 90 percent by the Land, Infrastructure and Transport Ministry and the remainder by the Finance Ministry.

For the 2004 business year, the first year the company announced earnings figures after the conversion into the stock firm, it posted a 6.4 billion yen net profit on 171.5 billion yen operating revenues.

But the company refrained from paying any dividends at that time on the grounds that it had to focus on building up retained earnings to shore up its basic financial health.

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Copyright (c) 2006, Kyodo News International, Tokyo

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Source: Kyodo News International, Tokyo

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