TOKYO -- Watami likely swung to a group net loss of roughly 2 billion yen ($17.6 million) in the year ended March 31, weighed down by write-offs from closing unprofitable restaurants.
This would mark a comedown from 7.8 billion yen profit that the eatery and pub chain operator posted for fiscal 2015. It initially projected a net profit of 200 million yen for fiscal 2016.
