Tokyo, May 27 (Jiji Press)–Japanese newspaper publisher Asahi Shimbun Co. has reported a record consolidated net loss of 44.1 billion yen for the year through March due to the fallout from the COVID-19 epidemic.
It was the company’s first red ink in 11 years and the largest loss since the newspaper was launched in 1879. The media content and real estate businesses were hit particularly hard.
Asahi Shimbun enjoyed a net profit of 10.6 billion yen the previous year, according to the company’s announcement Wednesday.
Sales fell 16.9 pct from the previous year to 293.7 billion yen.
The company incurred an operating loss of 7 billion yen, against the previous year’s profit of 2.3 billion yen.
The huge net loss reflected a reversal of deferred tax assets.
The company said it aims to swing back to profit in the current year through March 2022 by beefing up its real estate business.