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Article: Yamato Transport's net profit drops 32% on asset impairment loss.
- Article from:
- Kyodo News International (Tokyo, Japan)
- Article date:
- May 16, 2005
CopyrightCOPYRIGHT 2005 Kyodo News International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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May 16--TOKYO -- Yamato Transport Co. said Monday its group net profit declined 32.0 percent in fiscal 2004 from the previous year to 33.85 billion yen, attributing the fall largely to asset impairment loss.
The cargo delivery and transport company said it expects a loss in fiscal 2005 stemming from a valuation loss on land holdings.
In its consolidated earnings report for fiscal 2004 ended in March, Yamato posted a pretax profit of 53.52 billion yen, up 10.2 percent, on a 6.0 percent rise in operating revenue to a record 1,071.90 billion yen.
Asset impairment accounting standards require companies to book valuation losses on fixed assets, such ...