Nippon Television Network Corp. said Thursday its group net profit dropped 41.4 percent to 20.30 billion yen for the business year ended March 31 due to a plunge in advertising revenues amid the weak economy.
NTV also blamed the decreased profitability on 6.68 billion yen in appraisal losses on securities holdings as a result of lower stock prices.
Group pretax profit fell 26.1 percent to 46.33 billion yen on a 6.2 percent decline in consolidated operating revenues to 336.30 billion yen.
The group's performance declined despite active ad marketing campaigns featuring strength of content such as the May 31-June 30 World Cup soccer finals, the company said.
For this fiscal year, the company projects a group net profit of 6.5 billion yen and a group pretax profit of 14.5 billion yen on operating revenues of 329 billion yen.