Fuji Kyuko Q1: Leisure Profit More Than Triples, but a Ropeway Shutdown Cuts Transport Profit 29%

Two segments moving hard in opposite directions

Fuji Kyuko Co., Ltd. (TSE: 9010) published consolidated results for the three months to June 30, 2026 on August 5, 2026 under Japanese GAAP. Operating revenue rose 3.9% to ¥12,824 million and operating profit 0.5% to ¥1,684 million. Ordinary profit rose 1.1% to ¥1,728 million and net profit attributable to owners of the parent 0.2% to ¥1,076 million, for earnings per share of ¥20.28 against ¥20.23. Comprehensive income rose 31.7% to ¥1,777 million.

The flat group profit conceals two large offsetting movements. Leisure and services lifted revenue 8.8% to ¥6,103 million and profit 214.8% to ¥563 million — a swing of ¥384 million. Transportation went the other way, revenue down 1.3% to ¥4,993 million and profit down 29.4% to ¥920 million, a fall of ¥385 million. The two very nearly cancelled.

The ropeway was shut for two months of the quarter

Transportation's decline is explained by capacity that was deliberately taken out of service. The Mt. Fuji Panorama Ropeway was suspended from May 11 to July 15 for track-cable replacement and a summit-area renewal aimed at improving safety and attracting visitors — covering two of the quarter's three months. The Yamanakako no KABA amphibious bus was also out of service, and June weather was poor.

The railway operation shows the effect. At Fujisan Railway, passenger numbers fell 5.6% to 1,115 thousand and passenger revenue 9.3% to ¥593.5 million, with non-commuter revenue down 10.0%; total transport revenue including miscellaneous income fell 7.9% to ¥719.1 million. Elsewhere in the segment, the company added services on the Busta Shinjuku–Fuji Five Lakes highway bus route, ran a limited express between Mishima and Kawaguchiko, and saw its newer vessels — Kinpa Ginpa, running Atami to Hatsushima since last July, and the sightseeing boat Hakone Yusen Daichakai on Lake Ashi since last December — perform well. Fujisan Railway also began work on a passing facility at Kotobuki Station to raise capacity, and rebuilt the Fujikyu Bus Otsuki depot with solar panels for CO₂ reduction.

Amusement parks and hotels drove the leisure recovery

At Fuji-Q Highland, the company ran events in the park plaza and a film tie-up campaign, and introduced an automated drone inspection system for the FUJIYAMA roller coaster to improve worker safety, maintenance efficiency and inspection accuracy. At Sagamiko MORI MORI, a Tamagotchi collaboration ran alongside the Sagamiko Illumillion light display — one of the Kanto region's largest — with drone shows during the period.

In outdoor, the group opened PICA PICKLE FUJISAIKO, an indoor pickleball facility at PICA Fuji Saiko, following a similar addition at PICA Fujiyama. In hotels, the Highland Resort Hotel & Spa reopened its Chinese restaurant Shanghai Saikan on April 10, following last September's renewal of the Japanese restaurant Kokorogi, and marked its 40th anniversary with special stay plans, a limited-run French restaurant and jazz nights.

The two smaller segments were steady. Real estate revenue fell 2.4% to ¥676 million and profit 1.4% to ¥129 million; sales and brokerage at the Lake Yamanaka villa land remain suspended because Yamanashi Prefecture has still not granted approval to sublease the land, so only leasing and villa-land management were active. Other businesses grew revenue 4.5% to ¥1,796 million and profit 22.6% to ¥89 million, helped by the renovated Shimoyoshida Club store at Shimoyoshida Station and by strong sales of Fuji Mineral Water to restaurants and hotels and in aluminium bottles.

Guidance unchanged

Guidance for FY3/2027 is unchanged. For the first half the company guides to operating revenue of ¥28,200 million (+6.0%), operating profit of ¥4,550 million (+2.4%), ordinary profit of ¥4,470 million (+1.9%) and net profit of ¥2,830 million (−0.5%). For the full year it guides to operating revenue of ¥56,500 million (+5.6%), operating profit of ¥8,950 million (+2.1%), ordinary profit of ¥8,620 million (flat) and net profit of ¥5,750 million (−0.8%), for earnings per share of ¥108.29.

Total assets rose 1.2% from the March year-end to ¥104,017 million while net assets were essentially unchanged at ¥42,979 million, so the equity ratio eased to 40.2% from 40.7%. The annual dividend forecast is ¥33.00 per share, paid once at year-end, against ¥32.00 for FY3/2026.

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.