Okura Holdings to merge two subsidiaries
Okura Holdings plans to merge its subsidiaries Okura Japan and K’s Property.
Japan.- Okura Holdings has announced plans for an internal restructuring what will merge two of its subsidiaries, Okura Japan and K’s Property Co. It said the aimed is to consolidate assets and improve operational efficiency.
Okura Japan, established on April 3, 1984, and K’s Property, founded on March 30, 2001, have been operating as indirect and direct wholly-owned subsidiaries, respectively. K’s Property will merge with Okura Japan through an absorption-type merger effective on June 21. K’s Property will be absorbed and dissolved. All properties of K’s Property will be transferred to Okura Japan, save for its land in Higashi Nagasaki which will be transferred to Okura Nishinihon Co., an indirect wholly-owned subsidiary of Okura.
In February, Okura Holdings announced financial results for the second half of the year 2023. Revenue was up 2.7 per cent to JPY3.19bn (US$21.1m). The company reported a profit before income tax of JPY929m (US$6.1m), up 569.9 per cent in year-on-year terms.
Okura’s gross pay-ins increased by 12.5 per cent to JPY16.37bn (US$108.6m). Operating profit increased by 348.4 per cent to JPY1.14bn (US$7.5m) and the profit attributable to shareholders rose by 1,140 per cent to JPY1.11bn (US$7.4m).
The pachinko and pachislot hall business remained the main source of revenue, accounting for 92.4 per cent. Revenue here rose 2.5 per cent, from JPY2.8m to JPY2.9m, primarily due to the introduction of the Smart Slot Machines in November 2022.
