Dentsu takes massive hit on investment value
By Staff, campaignlive.co.uk, Monday, 06 April 2009 10:55AM
LONDON - Dentsu, Japan's biggest ad agency, has written down the value of its investments by 40.9 billion yen (£270 million) for the last quarter of the financial year ending on 31 March.
The company had previously said it was expecting a net profit of 11 billion yen for the year.
Japanese shares have been hit hard by the global financial crisis and a domestic downturn.
A statement from Dentsu said: "The booking of a revaluation loss was necessitated by the marked fall of market prices of certain securities held by Dentsu and recognition that the recovery of market prices is uncertain."
The company is due to report its annual results on May 11.
This article was first published on campaignlive.co.uk
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