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Japan-Update

Park24 suffers growing pains with likely 6% profit drop

Car park operator still on track to full-year record

Park24 took advantage of its many parking lots nationwide to enter the car-sharing business.

TOKYO -- Parking lot operator Park24 is expected to report a roughly 6% year-on-year decline in group operating profit to about 14 billion yen ($128 million) for the November-July period, after boosting spending on new lots and acquiring vehicles for its car-sharing service.

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