Japan’s Corporate Profit Tumbles Most Since Financial Crisis
- EBITDA for January-March 2020 shrinks 26%, worst since 2009
- Many companies have delayed reporting on Covid-19 impact
Commercial and residential buildings stand on the skyline at dusk in Osaka, Japan, on May 21.
Photographer: Buddhika Weerasinghe/BloombergThis article is for subscribers only.
In what may prove to be one of the most dragged out earnings seasons ever, Japanese companies are reporting their worst drop in operating profits since the financial crisis.
Earnings before interest, taxes, depreciation and amortization for Topix index companies fell 26% in January-March, compared with the same quarter last year, according to Bloomberg-compiled data. That’s based on results from just over 85% of the benchmark gauge’s components, as many companies have delayed results amid the impact of the coronavirus.