TKP achieves record revenue on Novarese acquisition

TKP Corporation reported record Q1 revenue of JPY 24,465 million, up 131.6% year-over-year, largely due to consolidating Novarese. Operating profit rose 6.4% to JPY 1,801 million.

The Flexible Space business achieved its highest-ever quarterly revenue from strong demand for rental conference rooms and lodging. TKP expanded its hotel business, opening new APA Hotels and a trailer house villa.

The company increased its stake in Escrit, making it an equity-method affiliate, and repurchased JPY 7,000 million worth of shares.