Japan Post update
The Japan Post family of companies released its first financial statements for a full fiscal year since privatization–well, more like partial governmental divestiture, but in today’s climate, anything that even resembles a shift in the direction of less federal control of a major industry feels like a refreshing change–and the numbers are mixed:
In the consolidated financial statements for J-FY 2008 Q4 that Japan Post released on 22 May, current income (corresponding to sales revenues) was JPY 19.9617 trillion, current profits were JPY 830.5 billion, and net profits (for the quarter) were JPY 422.7 billion. Since privatization in October 2007, this round is the first release of financial statements for a full fiscal year, and while all four companies operating under the Japan Post umbrella ultimately secured balances in the black, the three remaining companies when Japan Post Insurance is excluded fell short of standing projections. CEO Yoshifumi Nishikawa indicated in an interview that he intends to stay on the pitcher’s mound until the two financial subsidiaries [the insurance companies and the savings bank] are in a condition to list their stock, which is planned for as early as J-FY 2010.
It’s the two finance-related arms that are making most of the profits; the holding company wants to jack up the contribution from the remaining two companies, one of which runs the post offices and the other of which runs the shipping and courier logistics of the old postal system. The Mainichi has an English version here, which scrambles the order of the original Japanese article but doesn’t omit much of the information.