Earnings Fall at Big Firms Closing Books in Feb.: Jiji Survey

Economy

Tokyo, April 19 (Jiji Press)--Major Japanese companies that close their books in February, including retailers, incurred net profit falls for the latest year due to higher personnel and materials costs, a Jiji Press survey has found.

The survey of 98 companies listed on the Tokyo Stock Exchange's first section showed that their combined consolidated net profits dropped 1.1 pct from the previous year even though the total sales increased 4.2 pct.

Fully 40 companies posted a net profit decline, while 11 incurred a net loss. The 98 companies did not include Aeon Delight Co. <9787>, which has not disclosed its results for the latest year because it is investigating accounting irregularities within its group.

The surveyed companies also included restaurant operators and apparel makers, both of which were markedly weak.

Yoshinoya Holdings Co. <9861>, which runs "gyudon" beef-on-rice restaurants, posted a net loss of 6 billion yen, the biggest amount among the surveyed 11 loss-making companies.

[Copyright The Jiji Press, Ltd.]

Jiji Press