Dentsu Swings to Annual Operating Loss
Tokyo, Feb. 13 (Jiji Press)--Japanese advertising firm Dentsu Group Inc. <4324> said Thursday it swung to an annual operating loss last year for the first time since going public in 2001.
The company said it faced fierce competition in China. In Australia, it lost a major client, the company said.
Dentsu posted a consolidated operating loss of 3,358 million yen for the year ended Dec. 31, compared with a profit of 111,638 million yen the previous year.
The company also swung to a net loss of 80,893 million yen from a profit of 90,316 million yen.
For this year, Dentsu forecast an operating profit of 108.2 billion yen and a net profit of 46.7 billion yen, citing possible favorable effects from the Tokyo Olympics and Paralympics in summer.
[Copyright The Jiji Press, Ltd.]