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AEON Financial Service to change fiscal-year accounting period

Japan's AEON Financial Service Co. Ltd. is changing its accounting period for its fiscal year to end in February instead of March.

Due to the transition, the company's current fiscal year will span 11 months from April 1 to Feb. 29, 2020, according to a May 10 release.

The move follows a change in its corporate structure from that of a bank holding company to an operating one, and to align its business cycle with the retail industry, its main customer.

The company plans to make similar changes to the accounting period of its subsidiaries, save for those subject to the banking law whose fiscal year will continue to finish at the end of March.

For the fiscal year ending Feb. 29, 2020, AEON Financial Service expects to post a profit attributable to owners of ¥38 billion, or ¥176.11 per share. Ordinary income for the period is expected to come to ¥430 billion, while ordinary profit is forecast at ¥70 billion.

The change in accounting period is subject to shareholder approval at the company's annual general meeting June 25.

As of May 10, US$1 was equivalent to ¥109.63.