For the year ended 31 March, earnings per share dropped to Y6.45 from Y44.42, despite revenue edging up to Y10.72bn from Y10.69bn.
Operating profit rose to Y453m from Y386m and pretax profit increased to Y461m from Y397m, indicating the sharp net profit decline came below the operating line.
The Japanese education company reported the results under Japanese accounting standards, with the latest figures showing stronger core profitability but much weaker bottom-line earnings than a year earlier.
With rising revenue, why did this top cram school’s net profit suddenly collapse by 85%?
Is this financial crisis a warning that Japan's traditional cram school industry is now obsolete?