Universal Entertainment posts net profit of US$86.6m for 2022
Group-wide sales were up 55.9 per cent year-on-year.
Japan.- Universal Entertainment Corp has shared its financial results for the year 2022. It’s reported a net profit of JPY11.51bn (US$86.6m) and group-wide sales of just under JPY141.00bn, up 55.9 per cent year-on-year.
Operating profit was JPY12.09bn, a year-on-year increase of 516.7 per cent. The growth was mainly driven by the increase in revenue from Okada Manila, which generated net sales of JPY71.77bn, up 103.7 per cent when compared to 2021.
The firm said the increase in sales was largely due to the mass-market segment, which generated an operating profit of JPY3.78bn for full-year 2022, a significant improvement from the operating loss of JPY1.87bn in the previous year. Adjusted segment earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 263.1 per cent year-on-year to JPY19.35bn.
According to Universal Entertainment, the adjusted segment EBITDA of Okada Manila for the full-year 2022 was higher than before the pandemic. However, the company recorded an extraordinary loss of nearly JPY1.53bn for 2022, mainly due to the illegal occupation of Okada Manila from May 31 to September 2 by a group acting under the instructions of Kazuo Okada.