Japanese Slump Continues

Nearly 60 per cent of golf-course operators in Japan are in the red with the prolonged domestic slump leading to a further decline in golf customers.

According to Tokyo Shoko Research, of the 55 companies whose financial reports it surveyed, 58.1 per cent posted pre-tax losses in fiscal 1998 with total sales dropping 10.3 per cent to approximately £340 million.

Tokyo Shoko Research, who began their survey in 1992, showed the number of people visiting golf courses fell 6.3 per cent from the previous year to 3.36 million. The survey also showed that a total of 16 golf-course operators went bankrupt between January and August this year, matching the total for the entire calendar year of 1998.