Okura Holdings expects to post full-year profit of US$19.9m

The improvement in the company’s performance was attributed to a stabilisation of the pachinko business and lease gains.

Japan.- Okura Holdings has issued a statement forecasting profit of over PY2.90bn (US$19.9m) for the fiscal year 2023. The shift from the previous fiscal year’s loss is attributed to factors such as the decrease in provision for impairment losses on the company’s property, plant and equipment, intangible assets and right-of-use assets of not less than JPY1.10bn (US$7.5m) as a result of the stabilisation in business at its pachinko halls in the year ended June 30.

It also reflects the increase in gain on release of lease liabilities of not less than JPY2.20bn (US$15.1m), mainly due to a lease termination following the closure of the group’s Big Apple. Ofuna hall on May 7. Okura Holdings currently has 11 pachinko venues, most of them located in Nagasaki Prefecture.

The company’s annual results announcement is due for release by the end of September.