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Daiwa Securities restates 9-month net profit due to additional provisions

Daiwa Securities Group Inc. restated its profit for the nine months ended Dec. 31, 2017, due to additional provisions from its U.K. operations.

The group said Feb. 7 that profit attributable to owners dropped to ¥74.0 billion, or ¥44.21 per share, from ¥81.71 billion, or ¥47.97 per share, in the prior-year period. The group previously stated in its January report that net profit rose to ¥83.60 billion, or ¥49.95 per share, for the nine-month period.

The revision was due to adjustments made after a U.K. court on Feb. 1 dismissed Daiwa Capital Markets Europe Ltd.'s appeal against a lawsuit filed by Singularis Holdings Ltd. The decision resulted in additional provisions for loss on litigation amounting to ¥9.60 billion.

As of Feb. 7, US$1 was equivalent to ¥109.51.