Japan Post Holdings’ annual results showed revenues decreasing 6.5% to ¥*13,326.5bn for the year ending March 31, 2017. There was also a decrease in net ordinary income of 17.7% to ¥795.2bn and a net loss of ¥28.9bn.
The majority of its revenues came from Japan Post Insurance, which was profitable overall, but whose revenues were down on last year. Japan Post Co., its logistics arm, however, reported an increase in revenues to ¥3,765.8bn, but made a net loss of ¥385.2bn caused by a ¥400.3bn write down of Toll Holdings.
The postal and domestic logistics business of Japan Post Co. saw a 0.4% increase in revenue to ¥1,929.9bn, with a 1.7% rise in net operating income to ¥12.0bn. Volumes of new year’s postcards and international mail suffered. However, there was an increase in income from overall mail handled and from its Yu-Pack and Yu-Mail services.
Japan Post Co.’s International Logistics segment (previously Toll) saw revenues fall by 13.2% to A$*7,901m, with net operating income falling by 74.1% to A$69m. Only Toll’s contract logistics segment was profitable, with EBIT of A$184m. Meanwhile the ANZ Domestic Network, Global Forwarding and Corporate sectors posted negative figures of A$56m, A$23m, and A$36m respectively. Prior to the announcement of the acquisition by Japan Post, Toll’s EBIT in its ANZ Domestic Network, Global Forwarding, Contract Logistics and Corporate segments were A$250m, A$15m, A$224m and a loss of A$45m respectively. Japan Post said economic factors, such as a slowness in resource-related industries in Australia had dampened its overall results.
Source: Japan Post
*$=¥108.3/ €=¥118.8/ A$=¥81.5