Nomura sees four years of overseas losses nearing an end

Tokyo

NOMURA Holdings Inc said its four years of losing money abroad may soon be over as the firm rebuilds businesses outside of Japan after cutting costs.

Japan's biggest brokerage is on track to achieve its goal of becoming profitable in Asia, Europe and the US by March, chief financial officer Shigesuke Kashiwagi said on Tuesday after second-quarter earnings beat estimates. The firm will probably reach another target of 50 billion yen (S$588.5 million) in annual pre-tax profit from overseas by March 2016, he said.