Tokyo, 01 June 2020, SPA -- The Japanese companies' profits before tax cut decreased by 32 percent on an annual basis to reach 15.1 trillion yen (140 billion US dollars) during the first quarter of this year, the largest drop in 10 and a half years due to the outbreak of the new COVID-19 virus, according to a report issued Monday by the Japanese Finance Ministry . The report said the reading represents the fourth consecutive quarter of the decline in the economy that hit by the recession. The Ministry said that Japanese companies' investments increased by 4.3 percent on an annual basis to reach 16.4 trillion yen in the period from January to March, while sales fell by 3.5 percent to 359,6 trillion yen. The Japanese economy contracted at an annual rate of 3.4 percent in the first quarter of this year, recording a negative growth for two consecutive quarters, according to a government report released in mid-May. -- SPA 08:54 LOCAL TIME 05:54 GMT 0002 www.spa.gov.sa/w1340755