Universal Entertainment’s revenue in the first quarter of 2023 was 35.5 billion yen, a year-on-year increase of 28.0%.
The performance of Universal’s integrated resort business drove the revenue growth. The unit reported revenue of 24.11 billion yen for the quarter, more than double the 11.28 billion yen generated in the first quarter of 2022.
This was partly due to an increase in real estate visitors during the quarter, which totaled 1.4 million, again more than double the 707,459 recorded year-over-year.
Revenue from the amusement equipment business fell by 31.3%. This was due to a drop in the number of gaming machines sold during the quarter to 24,903, a sharp drop from the 37,739 sold in the first quarter of 2022. While pachinko machine sales rose by 9,774 units to 11,866 units, pachinko machine sales fell by 35,647 per year to 13,037.
Cost of sales for the quarter reached 14.49 billion yen, a year-on-year increase of 19.5%.
This brought Universal’s gross profit to 21 billion yen, up 34.5% from the first quarter of 2022.
first quarter results
Selling, general and administrative expenses rose 22.2 percent to 16.24 billion yen, bringing Universal’s operating profit to 4.76 billion yen, more than double the year-on-year record.
Total non-operating income for the quarter was 2.1 billion yen. This mainly includes foreign exchange gains and totaled JPY 1.43 billion.
Total non-operating profit fell sharply year-on-year, down 85.4%.
Non-operating expenses totaled 3.70 billion yen, down 37.4%. This brought Universal’s pre-tax profit to 3.15 billion yen.
After deducting the income tax of 212 million yen, the annual net profit was 2.94 billion yen, a year-on-year decrease of 64.7%.