Japan Post reports drop in revenues

Japan Post Holdings, which has recently mounted a huge initial public offering (IPO), has reported a drop in earnings and revenues for the first half of fiscal 2015. According to local sources, revenues for the period April-September were down 1% on last year at 7,035bn  yen while net profit was down 1.7% to 213.3bn yen.

The group’s result were given a fillip by the performance of the Australia-based logistics provider Toll Group, which was purchased earlier this year, and the insurance and banking businesses were profitable. However, this was not enough to compensate for the relatively week performance of the core postal business, Japan Post Co, which reportedly incurred a consolidated net loss of 12.5bn yen.