ERJ staff report (DS)
Tokyo -- The Yokohama Rubber Co., Ltd., said it expects higher consolidated net sales and operating income than previously forecast for the current fiscal year, to March 31, 2008. The new projections call for net sales to increase 10.6% over the previous year, to 550.0 billion yen (Euro 3366 million), and for operating income to increase 56.6%, to 33.0 billion yen (Euro 202 million). Yokohama also announced today a downward revision in its projection for growth in consolidated earnings. It now projects that net income will rise 28.3%, to 21.0 billion yen (Euro 128 million).
The revised projection for net sales is 1.9% higher than the projection Yokohama announced on November 9, when the company released its interim fiscal results, and the projection for operating income is 3.1% higher than projected earlier. Yokohama's revised projection for net income is 7.9% lower than the earlier projection.
Yokohama said the upward revisions in projected sales and operating income were based on stronger-than-expected sales growth in markets outside Japan. The downward revision in projected net income reflects the strengthening of the yen, which diminished the yen-denominated value of foreign-currency receivables. It also reflects valuation losses on investment securities.
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Press release from Yokohama.