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Korinza Building curbs debt, registers its first ever profitDate Posted: 2007-12-28 The Korinza Building located near Okinawa City Civil Hall at the end of Chuo Avenue has been operating in the red since being built in 1997. The Korinza Building debt was ¥3.65 billion a year ago, but the Okinawa City Amenity Planning Company, which operates it, has trimmed the debt to ¥2.455 billion. Company president Yoshinori Shimabukuro revealed the brighter outlook in response to questions from Okinawa City’s Assembly. Officials say the Korinza Building is the first third sector building to ever register a profit. It was constructed ten years ago at a cost of ¥6.2 billion yen, and has been monitored by Tokyo Shoukou Research Fukuoka Branch. Shimabukuro says “according to our auditor, businesswise it would be impossible to make a profit in the future, although we did it now.” He says we need to do something, receiving advice from other places like the prefecture and small to medium size business maintenance institutes.” Shimabukuro predicts “It will be difficult to operate in the future, and the problem is too big for us.” He says the staff is still studying the best way to run the Korinza Building, which has five floors and includes the citizens theater Ashibinaa, Hello Work Okinawa employment information center, and Best Denki electronics. The building is 90% occupied. Okinawa City has been trying to get money from the Government Public Finance Company, but has been turned down. Construction costs for the Korinza Building have yet to be paid. |
   
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