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Trading house Nissho Iwai Corp. said Thursday that its group net profit plunged 94.1 percent to 1.18 billion yen in the year to March 31, due chiefly to a 28 billion yen cut in interest income and a string of special losses.

Consolidated pretax profit in fiscal 2001 dropped 14.9 percent to 33.23 billion yen on a 15.6 percent operating revenue fall to 5.46 trillion yen.

Per-share net profit dived to 1.35 yen from the previous fiscal year’s 22.92 yen.

Nissho Iwai said it will not pay a full-year dividend in fiscal 2001, as in the previous fiscal year.

The spate of extraordinary losses include a 26.4 billion yen loss emanating from liquidation of affiliates, a 15.7 billion yen latent loss on securities holdings and a 11.7 billion yen loss stemming from the sale of securities holdings, it said.

For the current business year, the company forecast pretax profit of 30 billion yen and net profit of 8 billion yen on operating revenue of 4.9 trillion yen.

The firm said it plans to promote Hidetoshi Nishimura, senior managing executive officer, to president and shift the incumbent, Shiro Yasutake, to chairman.

The management shakeup is aimed at accelerating the pace of restructuring under a new midterm restructuring that started this business year, Yasutake told a news conference.

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