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Universal Entertainment revenue up 28% in Q1

| By Marese O'Hagan
Universal Entertainment recorded revenue of ¥35.50bn (£209.1m/$261.5m/€240.4m) for the first quarter of 2023, an increase of 28.0% year-on-year.

The revenue was bolstered by the performance of Universal’s integrated resort business. This segment reported revenue of ¥24.11bn for the quarter, more than double the ¥11.28bn generated in Q1 2022.

This was partly due to the increase in property visitors during the quarter, who totalled 1.4 million – once again, more than double the 707,459 recorded year-on-year.

Revenue from the amusement equipment business fell by 31.3%. This was due to a fall in the number of gaming machines sold during the quarter – 24,903, a significant drop from 37,739 sold in Q1 2022. While the number of Pachinko machine sales grew by 9,774 to 11,866, the number of Pachislot machine sales fell from 35,647 to 13,037 yearly.

Cost of sales for the quarter hit ¥14.49bn, an increase of 19.5% yearly.

This brought Universal’s gross profit to ¥21.00bn, a rise of 34.5% compared to Q1 2022.

First quarter results

Selling, general and administrative expenses rose by 22.2% to ¥16.24bn, bringing Universal’s operating profit to ¥4.76bn – more than double the amount recorded year-on-year.

Non-operating income totalled at ¥2.10bn for the quarter. This mostly consisted of foreign exchange gains, which totalled at ¥1.43bn.

The total non-operating profit fell drastically year-on-year, decreasing by 85.4%.

Non-operating expenses added up to 3.70bn, a 37.4% fall. This brought Universal’s pre-tax profit to ¥3.15bn.

Following income taxes of ¥212m, the net profit for the year came to ¥2.94bn, a decrease of 64.7% yearly.

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