Nagoya Railroad Q1 profit falls 20.5% despite revenue growth

Nagoya Railroad Co. reported Q1 revenue rose 1.4% to 168,501 million yen but operating profit fell 20.5% to 9,275 million yen, with net profit down 34.8%.

The decline was attributed to increased personnel and depreciation costs, plus lower extraordinary income due to non-recurrence of negative goodwill from the previous year.