Japanese convenience store operator Lawson has reported a massive increase in first-half group net profit despite a drop in revenues.

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The company posted net profit of ¥10.18bn (US$92.8m) for the first half to 31 August, a rise of 123.4% year-on-year, reported Kyodo News.

Revenues slid 4.2% to ¥125.5bn, while first-half operating profit climbed 1.9% to ¥21.07bn.

The company said the significant rise in earnings was due to greater efforts to cut costs as well as increased fees from franchisees.

For the full year to 29 February, Lawson forecast group net profit of ¥18.2bn on revenues of ¥250bn. Last year, the company posted group net profit of ¥8.86bn on revenues of ¥250.3bn.

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