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Japan Post to book $363 mln annual loss on Toll writedown
April 25, 2017 / 7:51 AM / 7 months ago

Japan Post to book $363 mln annual loss on Toll writedown

TOKYO, April 25 (Reuters) - Japan Post Holdings Co said on Tuesday it will book a loss of 40 billion yen ($362.61 million) for the fiscal year ended in March, after recording a 400 billion yen impairment charge on its Australian logistics arm Toll Holdings Ltd.

The Japanese company will also cut over 1,700 jobs at Toll during the year to March 2018, it said in a filing to the Tokyo Stock Exchange, adding that Toll remains a “core unit” in the Japan Post Group.

Japan Post had originally forecast 320 billion yen in net profits for the financial year ended in March. ($1 = 110.3100 yen) (Reporting by Thomas Wilson; Editing by Randy Fabi)

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