Tokyo Century : Financial Results for FY2023 Consolidated 1Q with script
August 30, 2023 at 02:24 am EDT
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Ordinary income was ¥31.8 billion, a year-on-year decline of ¥200 million, while net income was ¥18.2 billion, a year-on-year increase of ¥37.7 billion due to the dissipation of extraordinary losses related to Russia.
The balance of segment assets in the table below totaled ¥5,449.2 billion, an increase of ¥85.4 billion compared to the end of the previous fiscal year.
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In the Medium-Term Management Plan 2027, which was launched from FY2023, we switched to net income, from ordinary income, as the basis for our financial targets. We stated net income and ROA by each operating segment.
In the Equipment Leasing segment, income slightly declined year on year. However, we secured segment income growth in the other four operating segments. In particular, in the Specialty Financing and International Business segments, in which we posted large impairment and valuation losses year on year, segment income substantially grew.
In Q1, our achievement rate (progress in %) for net income was 26% of our forecast of ¥70.0 billion for FY2023, surpassing our standard achievement rate of 25%. On an operating segment basis, Q1 segment income in the Equipment Leasing, Automobility and Environmental Infrastructure segments outperformed our standard achievement rate of 25%. Meanwhile, Q1 segment income in the Specialty Financing and International Business segments underperformed the standard 25% mark.
In the Automobility and Environmental Infrastructure segments, the rate of progress was high, owing in part to seasonal factors. On the flip side, in the Specialty Financing segment, the rate of progress was low due to a low level of gains on sales. The net income for the full fiscal year is not merely four times the quarterly result, but overall, it is our belief that we are off to a smooth start to achieve our annual plan.
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Tokyo Century Corporation published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 06:23:43 UTC.
Tokyo Century Corp is a Japan-based company mainly engaged in financial business. The Company operates in four business segments. Domestic Leasing segment is engaged in leasing and financing of information and communication equipment, office equipment, industrial machine tools, transportation equipment, and equipment for commercial and service industries. Domestic Automobile segment is engaged in auto leasing, rental cars, and car sharing businesses for corporations and individuals. Specialty segment is engaged in domestic and overseas leasing and financing of products such as ships, aircraft, real estate, environment and energy. International segment is engaged in leasing and financing mainly in East Asia and Association of Southeast Asian Nations, North America, and Latin America. The Company is also engaged in non-life insurance agency business and outsourced office work.