Japan Post records FY loss

The Japanese postal, banking and insurance conglomerate had a net loss attributable to the company of 28.98 billion yen (U.S. $261 million), less than the 40 billion yen loss it was projecting last month.    Japan Post Holdings Co. had a net loss attributable to the company of 28.98 billion yen (U.S. $261 million) for the fiscal year that ended March 31, 2017, compared to a profit of 425.97 billion yen for the prior year period, according to the state-run firm’s latest financial statements.
   Japan Post handled 17.73 billion pieces of mail during the fiscal year, slipping 1.7 percent year-over-year.
   Just last month, Japan Post said it was expecting a net loss attributable to the company of 40 billion yen for the fiscal year, after taking a 400.3 billion yen writedown on Australian logistics arm Toll Holdings. Japan Post acquired Toll in May 2015 for $6.5 billion Australian (U.S. $4.8 billion).
   Looking ahead, Japan Post said it will cut 1,700 positions at Toll during the fiscal year that ends March 31, 2018, and is projecting a net profit attributable to Japan Post of 400 billion yen.