May 14, 2014 2:30 pm JST

Japan Post to log 480 billion yen net profit for fiscal 2013

TOKYO -- Japan Post Holdings is expected to post a group net profit of around 480 billion yen ($4.65 billion), higher than the forecast of 420 billion yen, for fiscal 2013, which ended in March.

     The figure is lower than the 562.7 billion yen profit logged in fiscal 2012, when the group's reorganization helped it to outperform projections, though the Yu-Pack domestic mail service enjoyed robust sales as the economy recovered.

     Japan Post Bank made up for decreased interest revenue from government bonds -- a product of razor-thin interest rates -- with proceeds from stock selling, while Japan Post Insurance attracted a large number of new life insurance policy subscribers.

    The full-year performance of Japan Post Holdings, formerly a government-owned public corporation, is an important indicator for investors ahead of its scheduled listing in 2015.

(Nikkei)