Dentsu's Return to Profit Leans on an Office Sale, Not a Demand Rebound
Dentsu Group swung to a ¥46.3bn first-half net profit largely because it sold a Ginza-area office building and avoided repeating last year's ¥86.6bn impairment, not because advertising demand recovered: organic gross-profit growth was just 0.3%, propped up entirely by a 5.0% gain in Japan against declines in the Americas, EMEA and APAC.