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Livedoor incurs 6.4 billion yen net loss in 9-month period to June(Kyodo News International (Tokyo) (KRT) Via Thomson Dialog NewsEdge) Aug. 30--TOKYO -- Livedoor Co. said Wednesday it booked a 6.4 billion yen group net loss in the nine-month period to June 30 due to the adverse effects of a scandal over alleged accounting fraud that resulted in the arrest of its former president and executives in January. Livedoor said it had to book a one-off loss of 12.2 billion yen due to the discontinuation of a range of its business plans including one for an online bank. Livedoor withdrew a license application for the bank from the Financial Services Agency. But operating revenue of the Livedoor group shot up 94.6 percent to 101.7 billion yen because Carchs Co., a used car dealer formerly known as Livedoor Auto Co., had joined the group, allowing Livedoor to consolidate Carchs' financial results with its own. Carchs assumed its current name Aug. 1 after the scandal involving the parent company. Livedoor's group operating profit fell 0.9 percent to 6.1 billion yen as the recovery process for revenue from Internet advertising on its portal site was delayed with advertisers distancing themselves from the scandal-tainted company. To see more of Kyodo News International, go to http://www.kyodonews.com Copyright (c) 2006, Kyodo News International, Tokyo Distributed by McClatchy-Tribune Business News. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |