Japan Post Holdings says it expects to book a net loss of about 360 million dollars for the business year that ended in March.<\/b>
Japan Post Holdings says it expects to book a net loss of about 360 million dollars for the business year that ended in March.
This is because of 3.6 billion dollars in expected losses due to poor earnings at its Australian subsidiary, Toll Holdings.
It is the first net loss since the country’s postal service was privatized 10 years ago.
Japan Post acquired Toll for about 5.6 billion dollars in 2015. It plans to cut 1,700 jobs at the subsidiary, or about 4 percent of its workforce, by the end of this business year.
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