Japan firms’ net profit in Jan.-March falls 41.3% on cost hikes

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Kyodo News

The total net profit of listed companies in Japan dropped 41.3 percent to 4.94 trillion yen ($38.34 billion) in the January to March period from the previous quarter, reflecting the surge in raw material costs prompted by the Ukraine crisis, according to a recent tally by a securities firm. Even excluding SoftBank Group Corp., an investment giant that reported a record net loss Thursday, the companies saw a 16.0 percent fall in combined net profit in the first quarter, show data from SMBC Nikko Securities Inc. In the year that ended in March, overall net profit rose 31.8 percent to 28.53 trill…

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