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.
