Universal Entertainment Corporation has revealed its financial results for H1 2020, with sales increasing in the six months until 30 June.
The Japan-based company’s net sales were JPY65.6bn ($621.8m), a 25% increase compared to JPY52.5bn for the same period in 2019. Net income stands at JPY3.4bn, an improvement over the net loss of JPY9bn the previous year.
Operating profit was JPY12.6bn, compared to the operating loss of JPY3.8bn in 2019.
Net sales for its amusement equipment business was JPY48.8bn, an increase of 142%, with operating profit at JPY22bn, a 643% increase compared to the previous year.
The company noted that sales of and pachinko machines were impacted by the COVID-19 pandemic, as it halted the operations of many venues.
With the lockdown on Manila remaining in place, the group’s sale of the land adjacent to its property Okada Manila might need to be adjusted and is currently postponed.
The group stated that “both parties foresee the resumption of economic activities following the lifting of lockdown in the Philippines."
These parties are also currently considering having a new agreement to amend the former land sales agreement that has already been executed.” The land is said to be worth PHP13.18bn ($268m).
The net sales in Okada Manila declined by 49% to JPY16.1bn ($152.6m), with operating loss at JPY5.3bn ($49.9m) compared to the first half of 2019 with JPY1.8bn ($17.2m).