Mizuho Holdings Inc., the largest banking group in Japan, has announced that it will plunge deeply into the red in the first half of fiscal 2001 on losses incurred by the collapse of Mycal Corp. and losses at one of its subsidiaries.
Mizuho, which groups Dai-Ichi Kangyo Bank, Fuji Bank and the Industrial Bank of Japan, said Saturday it will post a consolidated net loss of 260 billion yen for the six-month period through the end of September, revising its earlier projection of a 90 billion yen net profit.
The revised projections also include a consolidated pretax loss of 370 billion yen in the same six-month period, compared with a profit of 230 billion yen forecast in May.