The combined net profit of listed Japanese firms tumbled 53.7 percent in the April-June period from a year earlier to ¥4.68 trillion ($44 billion), hit by the coronavirus pandemic that has depressed global economic activity, data by a securities firm showed Friday.
A third of 33 sectors were in the red in the first quarter of fiscal 2020, and transport equipment was the biggest loser after auto sales plunged due to supply disruptions and more people staying away from dealerships. The air transport sector was pounded by travel curbs aimed at reducing the risk of coronavirus infection.
According to the tally by SMBC Nikko Securities Inc. covering 1,419 firms that had reported first-quarter earnings results by Thursday, 424 were in the red.