Japan Post to record around 40b yen annual net loss

[TOKYO] Japan Post Holdings Co will book an annual loss of around 40 billion yen (S$507.3 million) on the back of a 400 billion yen impairment charge on its Australian logistics unit, Toll Holdings Ltd, Kyodo news agency reported on Tuesday.

A spokesman for Japan Post declined to comment on the report. It would mark Japan Post's first annual loss since it was privatised in 2007.

Japan Post, 80 per cent owned by the government, acquired Toll for A$6.5 billion (S$6.84 billion) in May 2015, ahead of the triple initial public offerings by the mail giant and its two financial units in November that year.

REUTERS