Japan Post Holdings Co. is set to fall into the red for the first time since it was privatized in 2007, posting a net loss of about ¥40 billion for the business year that ended March 31, the postal giant announced Tuesday.
The reversal from its earlier estimate of a group net profit of ¥320 billion comes as Japan Post Holdings is expected to book impairment losses of close to ¥400 billion related to its Australian logistics service provider.
"We take the net loss very seriously," President Masatsugu Nagato told a news conference in Tokyo. By writing down the impairment losses "we will make all efforts to turnaround performance," he added.