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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Chinese tariffs could leave cognac makers with too much brandy
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore
South Korea to slap fines on food suppliers for ‘shrinkflation’
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales