Japan Post Holdings has released its full year 2021 results for the fiscal year ending March 31, 2022. The company reported full year ordinary income (revenue) of ¥*11.2tn, decreasing 3.9% y-o-y. Net ordinary income (profit) however increased by 8.5% y-o-y, to ¥991.4bn. Profit decreased in the consolidated Japan Post Co. segment by 3.8% y-o-y to ¥143.5bn. Profits increased in the consolidated Japan Post Bank and the consolidated Japan Post Insurance segments, by 24.5% y-o-y and 3.0% y-o-y, respectively. For FY2021, the consolidated Japan Post Bank segment saw a profit of ¥490.8bn, whilst the consolidated Japan Post Insurance segment profit rose to ¥356.1bn.
Net income attributable to Japan Post Holding was ¥501.6bn, a 20.1% y-o-y increase.
Postal and Domestic Logistics Business Segment
In the postal and domestic logistics business, Japan Post Holdings stated it had suspended postal deliveries of regular mail and Yu-Mail on Saturdays and postponed delivery dates, pursuant to the enforcement of the Act to Partially Amend the Postal Act and the Act on Correspondence Delivery by Private Business Operators.
As a result of these initiatives, income from international mails increased due to the resumption of services, but income from parcels fell due to a decline in Yu-Pack (including Yu-Packet) volumes, and income from New Year’s postcards also declined. Accordingly, ordinary income amounted to ¥2.43tn (down ¥28.2bn y-o-y) and net ordinary income amounted to ¥103.8bn (down ¥22.6bn y-o-y). In addition, operating income amounted to ¥2.41tn (down ¥27.2bn y-o-y) and net operating income amounted to ¥102.2bn (down ¥21.4bn y-o-y) in the postal and domestic logistics business of Japan Post Co. for the fiscal year ended March 31, 2022.
Post Office Business Segment
In the post office business for the fiscal year ended March 31, 2022, ordinary income amounted to ¥1.15tn (down ¥126bn y-o-y), with a decline in income from the merchandising business due to the impact of the application of a new Accounting Standard for Revenue Recognition and the absence of the income from real estate sales recorded in the previous fiscal year, as well as a decrease in insurance commissions and banking commissions.
Net operating income amounted to ¥24.6bn (down ¥13.2bny-o-y) in the post office business of Japan Post Co. for the fiscal year ended March 31, 2022.
International Logistics Business Segment
In the international logistics business, income in the Global Forwarding business was boosted by rising cargo demand, but the segment suffered the impact of a decline in large-scale handling associated with COVID-19 response in the Global Logistics business and a fall in income due to the sale of the Global Express business. Ordinary income amounted to ¥687.8bn (down ¥62.2bn y-o-y).
Ordinary expenses fell significantly, with a decrease in expenses corresponding to lower income from the Global Logistics business and the absence of expenses from the Global Express business, despite an increase in expenses corresponding to higher income from the Global Forwarding business, and net ordinary income amounted to ¥21.2bn (net ordinary loss of ¥7bn previous fiscal year).
Source: Japan Post
*$ = ¥121.8/ € = ¥135.2
