Kumagai allowed too much breathing space

Japanese construction companies far surpass dotcoms when it comes to cash burn rates.

In the past six months weve all become incredibly concerned about the viability of the Asian internet sector. Stories of stellar cash burns have become the fruit of our morning breakfast reading. As an aside, there is one industry that is even more profligate in the cash-pyre stakes the Japanese construction industry.

I read with some amazement yesterday that the Kumagai group lost $4.18 billion in the six months to September. That amounts to a cash burn of...

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