Virus shrinks net profits of Japan companies by 67% in 1st qtr: data

The combined net profits of 199 listed Japanese companies plunged 67.3 percent in the January-March quarter from a year earlier due to the economic impact of the novel coronavirus, Japanese security house data showed Friday.Net profits of nonmanufacturers fell 76.7 percent, with airline and railway operators hardest hit, while those of manufacturers decreased 59.3 percent, SMBC Nikko Securities Inc. said.Combined sales of the 199 companies in the first quarter shrank 6.2 percent, it said.The companies, which released their fiscal 2019 earnings by Thursday, account for 13.5 percent of about 2,2…

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