Leopalace21 Corrects Net Loss Projection for FY 2019

Economy

Tokyo, Nov. 8 (Jiji Press)--Leopalace21 Corp. <8848> corrected Friday its consolidated net loss forecast for the year to March 2020 due to a miscalculation of deferred tax assets.

The major apartment rental company expects to incur a net loss of 30.4 billion yen in fiscal 2019, bigger than the 27.3 billion yen announced the previous day.

It made no revision to its sales and operating profit estimates.

On Thursday, Leopalace21 revised down its earnings projection, from the previous forecast of 100 million yen in net profit, due to a drop in the average apartment occupancy rate and repair work costs stemming from its shoddy construction scandal.

[Copyright The Jiji Press, Ltd.]

Jiji Press