Tokyotokeiba Co., Ltd. reported a 16.8% surge in first-quarter profit, fueled by growing membership in its online horse racing betting platform and strong performance from its logistics facilities.
Net income rose to ¥2.27 billion ($15.6 million) in the quarter ended March, while revenue increased 5.5% to ¥9.26 billion, the company said Wednesday in its earnings report.
The company’s SPAT4 online betting system for horse racing attracted new users through app improvements and promotional campaigns, helping boost public racing segment profits by 11.3% to ¥2.83 billion. This segment remains the company’s core business, contributing about 76% of total sales.
Warehouse rental operations delivered a 19.6% profit jump to ¥1.01 billion, benefiting from high occupancy rates at multi-tenant facilities and contributions from a new warehouse that opened last year in Narashino.
The services segment saw revenue decline 9.5% but managed a surprising 264.7% profit increase, largely from rental income from newly completed office buildings including Willa Oimori 2.
Tokyo Summerland, the company’s amusement park business, widened its seasonal operating loss to ¥300 million despite attracting 7.7% more visitors during what is typically its slow season.
The company maintained its full-year forecast for a modest 1.6% increase in net income to ¥9.86 billion.
