Dentsu Retracts Annual Projections amid Coronavirus Impact
Tokyo, May 27 (Jiji Press)--Dentsu Group Inc. <4342> on Wednesday withdrew its earnings projections for the year through December, due to the coronavirus pandemic's severe impact on its business environment, including the postponement of the 2020 Tokyo Olympics and Paralympics.
The leading Japanese advertising agency had forecast consolidated operating and net profits for the current business year, against the previous year's losses.
The pandemic started to affect its earnings late in the January-March quarter, and the impact is expected to peak in April-June, a Dentsu Group official said.
Dentsu Group plans to release new earnings projections after it becomes possible to calculate them reasonably.
For the first quarter, the group booked a net profit of 15,356 million yen, against the year-before loss of 2,583 million yen, on revenues of 252,737 million yen, up 0.9 pct from a year earlier, reflecting solid domestic operations.
[Copyright The Jiji Press, Ltd.]