OSAKA -- Takenaka Corp. said Tuesday it suffered a group pretax loss of 2.5 billion yen in the first half of the current business year, its first such loss since the war.
The major Osaka-based construction firm said the loss in the January-June period stemmed from building unprofitable condominiums and large buildings in the Tokyo metropolitan area, as weaker demand has led to fierce price competition for building orders.
Consolidated revenues fell 16.9 percent from the year before to 503.7 billion yen, while group net losses came to 1.6 billion yen.
For the whole year to December, the company said it expects group revenues of 1.03 trillion yen, down 16 percent.
The firm predicts a net profit of 3.5 billion yen for the year in a turnaround from the 35.6 billion yen loss posted in the previous year due to enhanced efficiency and cost-cutting steps.