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Japan Post may write down up to $3.7 bln on Toll acquisition in FY16/17 - Nikkei
April 22, 2017 / 2:30 AM / 8 months ago

Japan Post may write down up to $3.7 bln on Toll acquisition in FY16/17 - Nikkei

TOKYO, April 22 (Reuters) - Japan Post Holdings Co is considering writing down as much as 400 billion yen ($3.7 billion) in the year ended March 31 on goodwill from its acquisition of an Australian logistics unit Toll Holdings, the Nikkei business daily reported on Saturday.

Japan Post’s group net profit for the year just ended is estimated at 320 billion yen, and logging a loss of up to 400 billion yen could lead to its first net loss since Japan began privatising the postal system, the daily said.

Japan Post, a conglomerate that spans postal delivery, banking and insurance, made an unprecedented three-way initial public offering in November 2015.

The company said on Thursday it is considering whether it needs to book an impairment loss related to Toll Holdings, which it acquired in 2015 for 620 billion yen.

The Nikkei Business magazine reported earlier this week that Japan Post was considering posting a massive impairment loss because the acquisition had not created synergies and Toll’s earnings had been hurt by an economic slowdown.

$1 = 109.0700 yen Reporting by Yuka Obayashi; Editing by Jacqueline Wong

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