OSAKA -- Nonbank moneylender Nichiei Co. said Friday that its group net balance sank into the red in fiscal 1999 for the first time since its founding in 1970, due largely to a public outcry over its loan collection methods.
In the year to March 31, the Nichiei group racked up a net loss of 14.23 billion yen, against a profit of 33.1 billion yen the previous fiscal year.
Pretax profit plunged 67.1 percent to 21.51 billion yen from 65.32 billion yen while operating revenues -- chiefly interest income -- came to 118.47 billion yen, down 22.1 percent.
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