Oji Paper Co. said Tuesday it incurred a group net loss of 17.7 billion yen for the business year to March 31, its first loss in three years, due mainly to valuation losses on stockholdings.

The Oji Paper group, Japan’s largest paper manufacturer, registered extraordinary losses of 30.28 billion yen from stockholding appraisal losses and 16.7 billion yen for covering shortfalls in retirement allowance reserves, the company said.

Its performance compared with a 12.78 billion yen net profit the year before.

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