Mito Country Club crossed the ¥1bn sales mark in the year to March 2026, but the milestone came with a sharp reversal almost everywhere else in the standalone accounts. Net sales rose to ¥1.02bn from ¥876.8mn a year earlier, while ordinary income swung from a ¥22.9mn profit to a ¥64.6mn loss and net income moved from a ¥23.4mn profit to a ¥92.5mn loss.
The longer trend makes the turn harder to miss. The filing's five-year summary shows sales climbing each year, from ¥630.1mn in the year to March 2022 to the latest ¥1.02bn. Profitability, however, has been much less obedient. Ordinary income fell to ¥5.3mn in the year to March 2024, recovered to ¥22.9mn in the following year, then dropped into loss in the latest period. Net income followed a similar path, ending at a ¥92.5mn loss this year.
| Period | Net sales | Ordinary income/loss | Net income/loss |
|---|---|---|---|
| Year to March 2022 | ¥630.1mn | ¥35.5mn | ¥34.9mn |
| Year to March 2023 | ¥779.3mn | ¥15.1mn | ¥14.5mn |
| Year to March 2024 | ¥819.5mn | ¥5.3mn | ¥4.4mn |
| Year to March 2025 | ¥876.8mn | ¥22.9mn | ¥23.4mn |
| Year to March 2026 | ¥1.02bn | ¥64.6mn loss | ¥92.5mn loss |
Cash generation did not rescue the picture. Operating cash flow was negative ¥20.4mn, year-end net assets were ¥203.6mn and the equity-to-asset ratio was 16.6%. In other words, record sales were not accompanied by positive operating cash flow or a particularly robust capital buffer.
The filing excerpt available here does not spell out why earnings deteriorated, so the report is clearer on outcome than on cause. What it does establish is straightforward: the latest year delivered a revenue high, but also losses at both ordinary and net levels, negative operating cash flow and a weaker-looking balance-sheet profile than a sales record might suggest.