Accordia Golf Trust announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2018. For the quarter, the company reported operating income of JPY 9,555 million against JPY 9,911 million a year ago. Revenue was JPY 9,419 million against JPY 9,814 million a year ago. Operating loss was JPY 2,929 million against JPY 2,321 million a year ago. Loss before tax was JPY 3,325 million against JPY 2,733 million a year ago. Loss for the period attributable to Unitholders of AGT was JPY 2,876 million or JPY 2.62 per share against JPY 2,838 million or JPY 2.58 per share a year ago. LBITDA was JPY 355 million against EBITDA of JPY 12 million a year ago. Net cash flows from operating activities were JPY 2,395 million against JPY 3,101 million a year ago. Acquisition of property, plant and equipment was JPY 692 million against JPY 264 million a year ago. Acquisition of intangible assets was JPY 37 million against JPY 1 million a year ago. The decrease in operating income was mainly because of under-performance of the golf courses due to snowfall in January 2018, rain and cold weather in March 2018. For the year, the company reported operating income of JPY 51,450 million against JPY 51,919 million a year ago. Revenue was JPY 50,860 million against JPY 51,533 million a year ago. Operating profit was JPY 6,071 million against JPY 6,572 million a year ago. Profit before tax was JPY 4,468 million against JPY 4,914 million a year ago. Profit for the period attributable to Unitholders of AGT was JPY 4,095 million or JPY 3.73 per share against JPY 4,000 million or JPY 3.64 per share a year ago. EBITDA was JPY 10,958 million against JPY 11,328 million a year ago. Net cash flows from operating activities were JPY 8,364 million against JPY 8,590 million a year ago. Acquisition of property, plant and equipment was JPY 2,230 million against JPY 1,660 million a year ago. Acquisition of intangible assets was JPY 2,340 million against JPY 1,659 million a year ago. Net asset value attributable to Unitholders per unit was JPY 72.61 against JPY 73.04 as at March 31, 2017. The decrease in annual revenue for fiscal 2018 from fiscal 2017 was due to typhoons on consecutive weekends in October 2017 and rain and snowfall in fourth quarter fiscal 2018.