Japan Post has sold a part of the business of Australia's largest logistics company Toll Holdings, which had been deteriorating while acquiring it six years ago, to a local investment fund for about 700 million yen. Announced that it will record a loss of more than 67 billion yen in the settlement of accounts last year.
According to the announcement, Japan Post has decided to sell Toll Holdings' home delivery business in Australia and elsewhere to the local investment fund Allegro.
Japan Post acquired Toll in 2015 through its subsidiary Japan Post for approximately 620 billion yen in order to strengthen its international logistics business.
However, due to the deterioration of Toll's business performance, the sale amount was only about 700 million yen, and Japan Post will record a loss of 67.4 billion yen in the settlement of accounts last year.
Kazuhide Kinugawa, president of Japan Post, who met online, said, "We take the recording of losses very seriously. We would like to take a step forward in improving profits and losses by selling our business and strive to improve the profitability of the remaining businesses." ..