Livedoor Reports 11-Fold Group Net Profit Jump for Oct.-Dec.
Posted on: Wednesday, 15 February 2006, 12:00 CST
By Kyodo News International, Tokyo
Feb. 15--TOKYO -- Livedoor Co., which is at the center of accounting fraud investigations, reported Tuesday a nearly 11-fold jump in its group net profit and a four-fold rise in operating revenue for the first three months of the business year beginning Oct. 1 last year.
Livedoor officials attributed the rises partly to consolidation of the financial results of used car dealership Livedoor Auto Co., a commodity futures dealing company and other firms it bought last year in its group results.
Last year, Livedoor acquired the midsize used car dealer Livedoor Auto, which used to be known as Jac Holdings Co.
The results were released a day after former Livedoor President Takafumi Horie and three other Livedoor executives were indicted on charges of conspiring to spread false information on a corporate takeover to drive up the share price of a subsidiary and dressing up the subsidiary's 2004 results.
Livedoor Auto and other core group companies are seeking to break away from the group with the used car dealer asking Livedoor to allow it to end their capital tie-up last week.
The accounting scandal seems certain to put a brake on revenue growth at the group's mainline financial divisions, while undercutting revenues at its portal site section, market watchers said.
Even so, Livedoor forecast its group net profit and revenue for the business year to Sept. 30 this year will rocket to 16 billion yen and 120 billion yen, respectively.
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Source: Kyodo News International, Tokyo
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