Ailing supermarket operator Daiei Inc. announced Friday a consolidated net loss of 332.51 billion yen for the business year that ended in February, blaming the losses on increased restructuring costs.
The dismal figure is a major turn-around from the net profit of 45.89 billion yen the retailer posted on a group basis the previous year.
However, Daiei said it plans to return to profitability in the current business year, to the end of February 2003, with the help of financial support from its creditors, UFJ Bank, Sumitomo Mitsui Banking Corp. and Mizuho Corporate Bank.