Local News

First Revenue Decline in Seven Years for Nishitetsu

The Nishi-Nippon Railroad (Nishitetsu) consolidated financial results for FY 2008 reveal that the company’s current profit dropped 43.0% to 9.185 billion yen and its net profit fell 84.2% to 1.03 billion yen on a 4.7% decline in sales to 345.14 billion yen. Business was brisk in the first half of the year, particularly in the company’s international distribution operations, but there was a sharp decline in revenue from that sector when the higher yen put a crimp into auto parts and electronics exports. Orders were also down in the company’s construction business, and there was a sales slump in their operations related to condominium sales. The overall result was the company’s first revenue decline in seven years.

Published: May 7, 2009 / Last Updated: May 7, 2009

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.