The parent company of Fuji TV, which has been caught in a series of scandals since the beginning of the year, on Friday posted a net loss of ?20.1 billion ($138.5 million) for the business year through March amid a decline in sales after sponsors pulled their commercials from the broadcaster.
Fuji Media Holdings¡¯ net loss compares with ?37.08 billion in net profit the year before and follows a slew of scandals concerning the company¡¯s corporate culture and governance, which were first triggered by reports on former TV star Masahiro Nakai¡¯s ¡°sexual trouble,¡± which was later deemed ¡°sexual violence¡± by a third-party probe. For fiscal 2024, it posted ?550.7 billion in sales, which marked a 2.8% drop from the previous year.
This is the first time that the company has reported a net loss since going public in 1997, a reflection of the financial impact of the scandal. The company had initially projected a net profit of ?29 billion for the business year, which was revised to a net loss of ?20.1 billion at the end of April.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.