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News Release

【PARK24 Co., Ltd. 】Adjustment of Business Forecasts for Fiscal Year Ending October 2007

Park24 Co., Ltd. announces that, based on trends in recent business performance, it has adjusted its forecasts for the fiscal year ending October 2007 (from November 1, 2006 to October 31, 2007), which were published at the time of the announcement of the fiscal half ended on April 30, 2007. Details are as follows:

1. Adjustment of Consolidated Business Forecast Figures for Fiscal Year Ending October 2007 (November 1, 2006 to October 31, 2007)

(Unit: Million yen)

  Sales Operating profit Recurring profit Net income
Previous forecast (A) 75,500 14,840 14,000 8,100
Adjusted forecast (B) 75,600 12,600 11,800 6,800
Period-on-period basis 115.8% 103.6% 100.3% 94.7%
Yen change (B)-(A) 100 -2,240 -2,200 -1,300
Rate of change (%) 0.1% -15.1% -15.7% -16.0%
Actual result for previous period (fiscal year ending October 2006) 65,299 12,163 11,759 7,176

(Reference) Forecast net income per share (full fiscal year)  48.16 yen

2. Adjustment of Non-Consolidated Business Forecast Figures for Fiscal Year Ending October 2007 (November 1, 2006 to October 31, 2007)

(Unit: Million yen)

  Sales Operating profit Recurring profit Net income
Previous forecast (A) 73,500 14,300 13,900 8,000
Adjusted forecast (B) 73,200 12,000 11,700 6,800
Period-on-period basis 115.1% 101.1% 101.2% 96.0%
Yen change (B)-(A) -300 -2,300 -2,200 -1,200
Rate of change (%) -0.4% -16.1% -15.8% -15.0%
Actual result for previous period (fiscal year ending October 2006) 63,611 11,871 11,558 7,081

(Reference) Forecast net income per share (full fiscal year)  48.16 yen

3. Reasons for Adjustment of Forecasts

 The consolidated and non-consolidated performance for the fiscal year ending October 2007 has shown weaker profitability. The reasons for this are as follows. The increase in the use of facilities resulting from the Road Traffic Law, which went into effect in June last year, was lower than the forecast at the beginning of the period. There has also been an increase in new facilities, which have not yet achieved profitability. Moreover, sales at relatively new facilities rose at a sluggish pace, reflecting a delay in the execution of operational strategies to improve public recognition, among other factors.
 We have taken steps to improve profitability at relatively new facilities, which are showing a moderate recovery trend. Nonetheless, the situation has not completed improved. Consequently, this has become one of the factors behind the decline in sales. In contrast, the fact that the increase in the number of new facilities was greater than initially planned and the fact that use of existing facilities increased will offset the decline in sales and keen them in line with original plans.
 Looking at profits, however, recurring profit and net income have declined from the figures in the initial business forecasts, for the following reasons:

  •  Increase in the number of new facilities, which have not yet achieved profitability (developing facilities that have not achieved the assumed level of use)
  • Increase in the number of relatively new facilities, which have shown poor profitability
  • Increase in labor costs associated with the rapid expansion of the workforce to bolster development capability

* New facilities --- refers to a facility established (opened) no more than six months previously.
* Relatively new facilities --- refers to a facility established (opened) no more than no less than six months and no more than one year previously.

(Note) The business forecasts above were created based on information available as of the date of this release. Actual business results may different materially from these forecasts due to various factors in the future.

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