Japan Post to revise mail section's profit upward to fix input error
Japan Post will soon have to revise upward its net profit figures for fiscal 2005 due to the discovery of a computer input error in the course of the compilation of its earnings results, Japan Post officials said Wednesday.
On May 24, Japan Post released its preliminary financial results for the business year to March 31, saying net profit at its mail segment was 200 million yen. But the segment actually gained a net profit of 2.6 billion yen, they said.
The correction will lead the government-backed provider of mail, postal savings and insurance services to revise the net profit figure for all of the three service segments for the 12-month period, the officials said.
Japan Post released the preliminary results without having an accounting firm audit them, as it acted hastily to make the release’s timing coincide with those of private-sector banks’ earnings results for the same period, they said.
But when the accounting firm checked the released figures, it found that Japan Post had made a mistake of understating proceeds from its sales of postal stamps during the period, they added.
