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Horai (9679) · FactFarm profit increased, while the golf business's operating gross loss worsenedLatest Earnings (2026-07-30): "Worsened"

Improvement in Operating Gross Loss at Senbonmatsu Farm and the Golf Business

First written in FY2016-Q3. 8 of 37 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-07-30.

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ProgressHeldSoftenedWorseOtherFY2019-Q1 – FY2020-Q3OtherFY2021-Q1 – FY2024-Q12016: 220162017: 420172018: 420182019: 320192020: 420202021: 420212022: 420222023: 420232024: 320242025: 220252026: 32026
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  1. 2026-07-30WorsenedEarnings

    「The operating gross loss was ¥102 million, a deterioration of ¥49 million year on year.」

    The golf business's operating gross loss deteriorated by ¥49 million year on year, with the loss widening.
  2. FY2026-H1Farm profit increased, while the golf business's operating gross loss worsenedAnnual report

    「As a result, total operating revenue was ¥1,392 million (up ¥294 million year on year), operating costs exceeded the same period of the previous year, mainly because of expenses associated with facility renovations, and operating gross profit was ¥113 million (up ¥78 million year on year). As a result, operating revenue was ¥375 million (up ¥19 million year on year), operating costs exceeded the same period of the previous year, mainly because of higher personnel expenses and costs related to course maintenance and facility renovations, and operating gross loss was ¥100 million (¥36 million worse year on year).」

    While operating gross profit at Senbonmatsu Farm improved by ¥78 million to ¥113 million, the golf business posted operating gross loss of ¥100 million, worsening by ¥36 million year on year.
  3. 2026-04-28WorsenedEarnings

    「The operating gross loss was ¥100 million, a deterioration of ¥36 million year on year.」

    The golf business's operating gross loss deteriorated by ¥36 million year on year.
  4. FY2025Farm profit increased; golf operating gross loss improvedAnnual report

    「As a result, total operating revenue was ¥2,798 million (up ¥549 million compared with the previous fiscal year), operating costs increased compared with the previous fiscal year, mainly because of expenses associated with facility renovations, and operating gross profit was ¥255 million (up ¥121 million compared with the previous fiscal year). As a result, visitor numbers exceeded the previous fiscal year and operating revenue was ¥846 million (up ¥72 million compared with the previous fiscal year). Operating costs exceeded the previous fiscal year, mainly because of higher expenses related to facility renovations and promotional activities, while operating gross loss was ¥34 million (¥43 million improved compared with the previous fiscal year).」

    Operating gross profit at Senbonmatsu Farm improved by ¥121 million to ¥255 million, while operating gross loss in the golf business improved by ¥43 million to ¥34 million. However, the golf business remained in operating deficit.
  5. FY2025-H1Farm profit increased; golf operating gross loss unchangedAnnual report

    「As a result, total operating revenue was ¥1,098 million (up ¥129 million year on year), operating costs increased year on year, mainly because of higher variable costs and expenses associated with facility renovations, and operating gross profit was ¥34 million (up ¥23 million year on year). As a result, visitor numbers exceeded the same period of the previous year and operating revenue was ¥355 million (up ¥18 million year on year). Operating costs exceeded the same period of the previous year, mainly because of higher expenses related to facility renovations and promotional activities, and operating gross loss was ¥64 million, broadly unchanged year on year.」

    While operating gross profit at Senbonmatsu Farm improved by ¥23 million year on year, the golf business posted operating gross loss of ¥64 million, broadly unchanged year on year.
  6. FY2024WorsenedAnnual report

    「Operating gross profit was ¥134 million (up ¥59 million compared with the previous fiscal year). Operating gross loss was ¥77 million (¥65 million worse compared with the previous fiscal year).」

    While Senbonmatsu Farm improved to operating gross profit of ¥134 million, the golf business posted operating gross loss of ¥77 million, worsening by ¥65 million compared with the previous fiscal year.
  7. FY2024-Q2Farm remained profitable; golf loss widenedAnnual report

    「Operating gross profit was ¥11 million (¥22 million improved year on year). Operating gross loss was ¥64 million (¥16 million worse year on year).」

    Senbonmatsu Farm remained profitable, posting operating gross profit of ¥11 million and improving year on year, while the golf business posted operating gross loss of ¥64 million, worsening by ¥16 million year on year.
  8. FY2024-Q1Both Senbonmatsu Farm and golf profitable, but profits declined year on yearAnnual report

    「As a result, total operating revenue was ¥516 million (up ¥50 million year on year). Operating costs increased year on year, mainly because of higher variable costs and expenses associated with facility renovations, and operating gross profit was ¥15 million (down ¥1 million year on year).」

    Senbonmatsu Farm remained profitable, posting operating gross profit of ¥15 million, but profit declined by ¥1 million year on year because of facility renovation costs and other factors. The golf business also remained profitable, posting operating gross profit of ¥17 million, but profit declined by ¥12 million year on year.
  9. FY2023Senbonmatsu Farm returned to full-year profitability; golf loss improvedAnnual report

    「Both businesses had remained in operating deficit for approximately 12 years since the fiscal year ended September 2011. Under the previous medium-term management plan, restoring performance by making a return to profitability the top priority, Senbonmatsu Farm achieved a return to full-year operating profitability for the first time in 13 fiscal periods. Although the golf business also substantially narrowed its loss, it did not return to profitability and remains an ongoing issue under the new medium-term management plan.」

    Senbonmatsu Farm returned to full-year operating profitability for the first time in 13 fiscal periods, while the golf business posted operating gross loss of ¥12 million and did not return to profitability.
  10. FY2023-Q3Farm returned to profitability; golf loss improvedAnnual report

    「Operating gross profit was ¥17 million (¥70 million improved year on year). Operating gross loss was ¥43 million (¥18 million improved year on year).」

    Senbonmatsu Farm was profitable, posting operating gross profit of ¥17 million, while the golf business posted operating gross loss of ¥43 million, an ¥18 million improvement year on year.
  11. FY2023-Q2Operating gross loss improvement continued at both the farm and golf businessesAnnual report

    「As a result, total operating revenue was ¥857 million (up ¥131 million year on year). Operating costs increased year on year, mainly because of higher variable costs, and operating gross loss was ¥11 million (¥62 million improved year on year). As a result, visitor numbers exceeded the same period of the previous year and operating revenue was ¥343 million (up ¥47 million year on year). Despite continued efforts to restrain expenses, operating costs exceeded the same period of the previous year because variable costs increased with the rise in visitor numbers and utilities costs increased substantially due to higher prices, while operating gross loss was ¥48 million (¥22 million improved year on year).」

    Although both Senbonmatsu Farm and the golf business continued to post operating gross losses, losses improved by ¥62 million and ¥22 million, respectively, year on year.
  12. FY2023-Q1Both the farm and golf businesses returned to operating gross profit and improvedAnnual report

    「As a result, total operating revenue was ¥465 million (up ¥54 million year on year). Operating costs increased year on year, mainly because of higher variable costs, and operating gross profit was ¥17 million (¥27 million improved year on year). As a result, visitor numbers in the cumulative first quarter exceeded the same period of the previous year and operating revenue was ¥243 million (up ¥25 million year on year). Operating costs exceeded the same period of the previous year because, despite efforts to restrain expenses, variable costs increased with the rise in visitor numbers and utilities costs rose substantially, while operating gross profit was ¥30 million (up ¥14 million year on year).」

    Senbonmatsu Farm and the golf business posted operating gross profit of ¥17 million and ¥30 million, respectively, with both businesses profitable.
  13. FY2022Farm loss improved substantially; golf loss worsenedAnnual report

    「As a result, total operating revenue was ¥1,763 million (up ¥51 million compared with the previous fiscal year). Operating costs were below the previous fiscal year, mainly due to the application of the accounting standard for revenue recognition, and operating gross loss was ¥18 million (¥147 million improved compared with the previous fiscal year). Operating revenue was ¥779 million (down ¥23 million compared with the previous fiscal year). Despite efforts to restrain expenses and lower variable costs associated with the decrease in visitors, operating costs exceeded the previous fiscal year because facility repair costs increased, and operating gross loss was ¥34 million (¥31 million worse compared with the previous fiscal year).」

    While operating gross loss at Senbonmatsu Farm improved by ¥147 million to ¥18 million, the golf business posted operating gross loss of ¥34 million, worsening by ¥31 million.
  14. FY2022-Q3Farm loss improved; golf loss worsened furtherAnnual report

    「As a result, total operating revenue was ¥1,190 million (down ¥17 million year on year). Operating costs were below the same period of the previous year, mainly due to the application of the accounting standard for revenue recognition, and operating gross loss was ¥52 million (¥96 million improved year on year). Operating costs were below the same period of the previous year because variable costs declined with the decrease in visitors and efforts were made to restrain expenses, while operating gross loss was ¥61 million (¥17 million worse year on year).」

    While operating gross loss at Senbonmatsu Farm improved by ¥96 million year on year, the golf business posted operating gross loss of ¥61 million, worsening by ¥17 million.
  15. FY2022-Q2Farm loss improved; golf loss worsenedAnnual report

    「Operating costs were below the same period of the previous year, mainly due to the application of the Accounting Standard for Revenue Recognition, and operating gross loss was ¥73 million (¥22 million improved year on year). Operating costs were below the same period of the previous year because payment processing fees and promotional expenses declined with the decrease in visitors and efforts were made to restrain personnel expenses and other costs, while operating gross loss was ¥71 million (¥27 million worse year on year).」

    While operating gross loss at Senbonmatsu Farm improved by ¥22 million, the golf business posted operating gross loss of ¥71 million, worsening by ¥27 million year on year.
  16. FY2022-Q1Farm loss improved; golf profit declinedAnnual report

    「As a result, total operating revenue was ¥411 million (down ¥58 million year on year). Operating costs were below the same period of the previous year, mainly due to the application of the Accounting Standard for Revenue Recognition and other factors, and operating gross loss was ¥10 million (¥4 million improved year on year). Operating costs were below the same period of the previous year because payment processing fees and promotional expenses declined with the decrease in visitors and efforts were made to restrain personnel expenses, while operating gross profit was ¥16 million (down ¥6 million year on year).」

    Operating gross loss at Senbonmatsu Farm improved by ¥4 million year on year to ¥10 million, while the golf business posted operating gross profit of ¥16 million, down ¥6 million year on year.
  17. FY2021Operating gross loss improved at both the farm and golf businessesAnnual report

    「Operating gross loss was ¥165 million (¥36 million improved compared with the previous fiscal year). Operating gross loss was ¥2 million (¥215 million improved compared with the previous fiscal year).」

    Senbonmatsu Farm posted operating gross loss of ¥165 million, while the golf business posted ¥2 million, with both businesses improving compared with the previous fiscal year.
  18. FY2021-Q3Operating gross loss improved at both the farm and golf businessesAnnual report

    「Operating gross loss was ¥149 million (¥37 million improved year on year). Operating gross loss was ¥44 million (¥155 million improved year on year).」

    Operating gross loss at Senbonmatsu Farm was ¥37 million and improved year on year, while operating gross loss in the golf business was ¥155 million and also improved year on year.
  19. FY2021-Q2Farm loss unchanged; golf loss improvedAnnual report

    「As a result, total operating revenue was ¥786 million (down ¥65 million year on year). Operating costs were below the same period of the previous year because of lower cost of sales associated with lower revenue and restrained personnel expenses and other costs, while operating gross loss was ¥96 million, broadly unchanged year on year. As a result, visitor numbers exceeded the same period of the previous year and operating revenue was ¥348 million (up ¥56 million year on year). Operating costs were below the same period of the previous year because, despite higher payment processing fees and promotional expenses associated with the increase in visitors, efforts were made to restrain personnel expenses, and operating gross loss was ¥43 million (¥65 million improved year on year).」

    While operating gross loss at Senbonmatsu Farm was broadly unchanged year on year, operating gross loss in the golf business was ¥43 million, an improvement of ¥65 million year on year.
  20. FY2021-Q1Farm loss improved; golf returned to profitabilityAnnual report

    「As a result, total operating revenue was ¥469 million (up ¥20 million year on year). Operating gross loss was ¥15 million (¥20 million improved year on year), as operating costs were kept broadly in line with the same period of the previous year. Operating gross profit returned to profitability for the first time in five years, since the fiscal year ended September 2016, at ¥22 million (¥44 million improved year on year).」

    Operating gross loss at Senbonmatsu Farm improved by ¥20 million year on year, while the golf business posted operating gross profit for the first time in five years, since the fiscal year ended September 2016.
  21. FY2020WorsenedAnnual report

    「Operating gross loss was ¥201 million (¥148 million worse than in the previous fiscal year). Operating gross loss was ¥217 million (¥96 million worse than in the previous fiscal year).」

    Operating gross loss at Senbonmatsu Farm and in the golf business was ¥201 million and ¥217 million, respectively, with both businesses worsening compared with the previous fiscal year.
  22. FY2020-Q3Operating gross losses worsened at both the farm and golf businessesAnnual report

    「As a result, operating revenue for the segment as a whole was ¥1,176 million (down ¥183 million year on year). Operating costs were below the same period of the previous year because of lower cost of sales resulting from decreased revenue and lower personnel expenses, but operating gross loss was ¥187 million (¥103 million worse year on year). Operating costs were below the same period of the previous year, mainly because of lower expenses such as personnel expenses and payment processing fees, but operating gross loss was ¥199 million (¥72 million worse year on year).」

    Operating gross loss at Senbonmatsu Farm and in the golf business worsened by ¥103 million and ¥72 million, respectively, year on year, resulting in wider losses in both businesses.
  23. FY2020-Q2Farm loss worsened; golf loss improvedAnnual report

    「Operating gross loss was ¥96 million (¥3 million worse year on year). Operating gross loss was ¥108 million (¥7 million improved year on year).」

    Operating gross loss at Senbonmatsu Farm worsened by ¥3 million year on year, while operating gross loss in the golf business improved by ¥7 million.
  24. FY2020-Q1Farm loss improved; golf loss worsenedAnnual report

    「Operating gross loss was ¥35 million (¥2 million improved year on year). Operating gross loss was ¥21 million (¥2 million worse year on year).」

    While operating gross loss at Senbonmatsu Farm improved year on year, operating gross loss in the golf business worsened.
  25. FY2019-Q3Farm loss worsened; golf loss improvement continuedAnnual report

    「As a result, operating revenue for the segment as a whole was ¥1,360 million (up ¥74 million year on year). Operating costs exceeded the same period of the previous year because of higher cost of sales resulting from increased revenue and higher expenses, mainly due to increased delivery charges from major logistics companies, and operating gross loss was ¥83 million (¥1 million worse year on year). Despite efforts to reduce expenses through thorough cost controls, operating costs exceeded the same period of the previous year, mainly because of higher depreciation associated with equipment renewals, and operating gross loss was ¥127 million (¥7 million improved year on year).」

    Operating gross loss at Senbonmatsu Farm worsened by ¥1 million year on year, while operating gross loss in the golf business improved by ¥7 million.
  26. FY2019-Q2Farm loss worsened; golf loss improvement continuedAnnual report

    「Operating gross loss was ¥92 million (¥4 million worse year on year). Operating gross loss was ¥116 million (¥11 million improved year on year).」

    While operating gross loss at Senbonmatsu Farm worsened year on year, operating gross loss in the golf business improved by ¥11 million.
  27. FY2019-Q1Farm loss worsened; golf improvedAnnual report

    「Operating gross loss was ¥38 million (¥8 million worse year on year). Operating gross loss was ¥18 million (¥6 million improved year on year).」

    While operating gross loss at Senbonmatsu Farm worsened year on year, operating gross loss in the golf business improved.
  28. FY2018WorsenedAnnual report

    「Operating gross loss was ¥35 million (¥15 million worse than in the previous fiscal year). Operating gross loss was ¥139 million (¥72 million worse than in the previous fiscal year).」

    Operating gross loss at Senbonmatsu Farm and in the golf business worsened by ¥15 million and ¥72 million, respectively, compared with the previous fiscal year.
  29. FY2018-Q3WorsenedAnnual report

    「As a result, operating revenue for the segment as a whole was ¥1,285 million (down ¥35 million year on year). Operating costs were below the same period of the previous year, mainly because of lower expenses such as payment processing fees and depreciation, but operating gross loss was ¥82 million (¥10 million worse year on year). Operating costs exceeded the same period of the previous year, mainly because of higher expenses such as outsourced management fees, and operating gross loss was ¥135 million (¥42 million worse year on year).」

    Operating gross loss at Senbonmatsu Farm and in the golf business worsened by ¥10 million and ¥42 million, respectively, year on year.
  30. FY2018-Q2WorsenedAnnual report

    「Operating gross loss was ¥87 million (¥20 million worse than in the same period of the previous year). Operating gross loss was ¥127 million (¥38 million worse than in the same period of the previous year).」

    Operating gross loss at Senbonmatsu Farm and in the golf business worsened by ¥20 million and ¥38 million, respectively, year on year.
  31. FY2018-Q1Operating gross losses worsened at the farm and golf businessesAnnual report

    「Operating costs fell below the previous year, mainly due to lower cost of sales resulting from lower revenue, and the operating gross loss was ¥29 million, a deterioration of ¥8 million year on year. Operating costs exceeded the same period of the previous year, mainly due to higher utility and depreciation expenses, and the operating gross loss was ¥25 million, a deterioration of ¥20 million year on year.」

    Senbonmatsu Farm's operating gross loss was ¥8 million worse year on year, while that of the golf business was ¥20 million worse.
  32. FY2017RestatedAnnual report

    「The operating gross loss was ¥20 million, a deterioration of ¥4 million from the previous fiscal year." The operating gross loss was ¥66 million, a deterioration of ¥0 million from the previous fiscal year.」

    Both Senbonmatsu Farm and the golf business continued to report operating gross losses; the farm worsened by ¥4 million, while the golf business was approximately unchanged.
  33. FY2017-Q3Operating gross losses worsened at both the farm and golf businessesAnnual report

    「The operating gross loss was ¥71 million, a deterioration of ¥14 million year on year." The operating gross loss was ¥92 million, a deterioration of ¥6 million year on year.」

    The operating gross losses of Senbonmatsu Farm and the golf business worsened by ¥14 million and ¥6 million, respectively, year on year.
  34. FY2017-Q2Farm unchanged, golf worsenedAnnual report

    「The operating gross loss was ¥66 million, a deterioration of ¥0 million year on year." The operating gross loss was ¥88 million, a deterioration of ¥5 million year on year.」

    While Senbonmatsu Farm's operating gross loss was unchanged year on year, the golf business's operating gross loss worsened by ¥5 million.
  35. FY2017-Q1Operating gross loss worsenedAnnual report

    「Although efforts were made to reduce expenses, including cutting freight costs by reviewing delivery routes, personnel expenses increased to strengthen the sales structure, operating costs were approximately unchanged from the same period of the previous year, and the operating gross loss was ¥21 million, a deterioration of ¥6 million year on year." The operating gross loss was ¥4 million, a deterioration of ¥9 million year on year.」

    The operating gross losses of Senbonmatsu Farm and the golf business worsened by ¥6 million and ¥9 million, respectively, year on year.
  36. FY2016AdvancedAnnual report

    「As a result, performance in the Senbonmatsu business began to show signs of improvement, and the recovery in performance is gradually gaining momentum.」

    Senbonmatsu Farm's operating gross loss was ¥15 million and that of the golf business was ¥66 million, representing year-on-year improvements of ¥51 million and ¥49 million, respectively; the current state of the management strategy also describes signs of a recovery in performance.
  37. FY2016-Q3First statedAnnual report

    「The operating gross loss was ¥56 million, an improvement of ¥48 million year on year.」

    Senbonmatsu Farm's operating gross loss improved by ¥48 million year on year, while the golf business also recorded an operating gross loss of ¥86 million, an improvement of ¥36 million year on year.
Moved together

"Decline in golf visitor numbers due to unseasonably heavy snow" moved the same way as this thread, in the same document, in 5 of its 37 moves.

54422★12345
  1. ★This thread
  2. 1Decline in golf visitor numbers due to unseasonably heavy snow5×
  3. 2Fluctuations in visitor numbers at Senbonmatsu Farm due to consumer preferences, economic conditions, weather and other factors4×
  4. 3The structural deficit inherent in the Senbonmatsu business4×
  5. 4Equity ratio rises to 37.5%2×
  6. 5Numerical Targets in the 3-Year Medium-Term Management Plan2×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

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Horai's next results are scheduled for 2026-10-30. Read the earnings preview It last moved in the Earnings of 2026-07-30: "Worsened".
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Improvement in Operating Gross Loss at Senbonmatsu Farm and the Golf Business | HORAI Co.,Ltd. (9679) | Komori