Takara Posts Financial Results
05.12.05 - 10:23 PM
Takara has posted a net loss of 14.69 billion yen ($138.90 million US) on sales of 97.16 billion yen ($918.68 million US) for the fiscal year that ended on March 31st. On a year-to-year comparison, sales were down by 9.4%. Equally, the company had posted a net profit of 799 million yen ($7.56 million US) at the end of the fiscal year 2003/2004.
A lack of new hit titles and higher than expected costs in the toys division resulted in this major loss. By reducing fixed costs and restructuring its various subsidiaries, Takara aims to become profitable again in the fiscal year 2004/2005. For the current term, Takara projects sales of 110 billion yen ($1.04 billion US) and a net profit of 1.4 billion yen ($13.24 million US).
The company also revealed that former president and current chairman Keita Satou, who only handed the post of president to vice president Nobuyuki Okude in April, will again assume executive powers. Thereby, Satou and Okude will form an executive tandem focusing on the continued implementation of the revitalization plan.