Odakyu Electric Railway raised its full-year ordinary profit forecast, increasing its full-year plan to ¥48.6 billion. Ordinary profit for the first 2 quarters was ¥28.5 billion, while ordinary profit is expected to decline year on year in the second half.
Odakyu Electric Railway, which released its earnings results after the market close on 11 November, reported consolidated ordinary profit of ¥28.5 billion for the first 2 quarters (April-September), up 3.9% year on year. The result exceeded the previous forecast for a 4.2% decline in profit.
On the same day, the company raised its full-year ordinary profit forecast by 1.5% from the previous projection of ¥47.9 billion to ¥48.6 billion, narrowing the expected decline from 11.3% to 10.0%.
For the most recent 3 months, ordinary profit for July-September rose 8.0% year on year to ¥12.3 billion, while the operating margin on sales improved from 12.7% to 13.7%.
For the second half, consolidated ordinary profit for October-March is expected to fall 24.5% year on year to ¥20.0 billion.