UPDATE 1-Daiwa, Citi's Japan units may post big losses - Nikkei

April 23 (Reuters) - Daiwa Securities Group Inc (8601.T) and Citigroup Inc's (C.N) (8710.T) Japanese brokerage units are seen reporting heavy group net losses for the year ended March 31, 2009, the Nikkei business daily reported.

Daiwa is expected to report a net loss of about 100 billion yen for the full fiscal year hurt by a slowdown in its wholesale and retail operations, the paper said.

Valuation losses on securities holdings and reserves set aside for real estate and other assets are expected to weigh on the brokerage's results, the Nikkei added.

Delay in booking of profit from the sale of Sanyo Electric Co (6764.T) shares into fiscal 2009 may also worsen Daiwa's loss, the Nikkei said.

Nikko Citigroup Ltd and Nikko Cordial Securities Inc are expected to report a combined net loss of at least 10 billion yen for fiscal 2008, the paper added. (Reporting by Santosh Nadgir in Bangalore; Editing by Pradeep Kurup) ((santosh.nadgir@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 080 4135 5800; Reuters messaging: santosh.nadgir.reuters.com@reuters.net))