Many Major Japanese Firms Post Quarterly Losses

Economy

Tokyo, Aug. 18 (Jiji Press)--Over 30 pct of Japanese companies listed on the first section of the Tokyo Stock Exchange suffered net losses in April-June due to the coronavirus outbreak, according to a tally by SMBC Nikko Securities Inc.

Of the 1,313 nonfinancial companies closing books in March that had reported their results, 429 firms posted net losses for the fiscal first quarter.

Combined sales plunged 20.0 pct from a year before to 95.9 trillion yen as companies at various industries were hit hard by economic shutdowns caused by the pandemic. Net profit dived 61.1 pct to 3.1 trillion yen.

Airlines, railway operators and automakers suffered particularly badly due to restrictions on movements of people and a slump in exports.

For the full year to March 2021, combined sales are projected to decline 10.1 pct from the previous year. Net profit is estimated to plummet 30.4 pct.

[Copyright The Jiji Press, Ltd.]

Jiji Press