Otsuka Kagu's Net Loss Shrinks in Jan.-Sept.

Economy

Tokyo, Nov. 14 (Jiji Press)--Struggling Japanese furniture retailer Otsuka Kagu Ltd. <8186> said Wednesday that its net loss in January-September shrank to 3,053 million yen from 5,847 million yen a year earlier, boosted by proceeds from asset sales.

For the first nine month of 2018, Otsuka Kagu reported sales of 27,344 million yen, down 12.5 pct from a year before. Sales of bedding products dropped about 10 pct.

The company booked a special profit of about 2.1 billion yen from the sale of assets including securities and land.

The company kept its full-year earnings projections unchanged, while noting that its sales are on a recovery path after it started an inventory clearance sale in late September.

Otsuka Kagu said it is proceeding with concrete negotiations on ways to strengthen its capital to achieve a stable financial base.

[Copyright The Jiji Press, Ltd.]

Jiji Press