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Japan Post group sees higher than expected profits in 1st 6 months+
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, May 30_(Kyodo) _ Japan Post Holdings Co. said Friday its business performance in the first six months of its 10-year privatization process exceeded its expectations with a consolidated net profit of 277.2 billion yen during the October-March period.
The figure was 29 percent higher than an initial projection due in part to robust earnings results delivered by Japan Post Bank.
The postal bank recorded a net profit of 152.1 billion yen, up 17 percent from an initial estimate, thanks to good returns on investments mainly in government bonds.
Japan Post Network Co., however, logged a net profit of only 4.6 billion yen, 86 percent lower than expected, because of stagnant commissions revenue from its group firms, indicating that the company, which administers around 24,000 post offices across the country, represents a particularly weak spot for the four-company Japan Post group.
Japan Post Insurance Co.'s net profit of 7.6 billion yen was a tad lower than the earlier projection of 8 billion yen.
In addition to the three group firms above, Japan Post Holdings presides over Japan Post Service Co., its mail service arm.
Copyright ? 2008 Kyodo News International, Inc.
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