Hose-maker Teito Rubber falls into loss

ERJ staff report (DS)

Tokyo -- Teito Rubber Ltd reported sales down by 12.4 percent and fell into a loss for the 12 months ended 31 March, 2009, but the company expects sales for the first half of the current year will be down by 40 percent. Teito makes low and medium-pressure rubber hoses for automobile and industrial use.

Sales for the 12 months amounted to yen 8140 million (euro 62.9 million), down by 12.4 percent on the previous year. The company expects sales in the six months to 30 Sep 2009 to be down by 40.4 percent on the 2008 figure, at yen 2900 million. Sales for the full year are expected to be yen 5900 million, down by around 27.5 percent on the most recent year.

Despite the substantial decline in sales, Teito expects to report a positive operating profit in each of the periods. In the most recent 12 months, the company reported a loss of yen 25 million, down from a profit yen 382 million a year previously. The forecast for the current year is yen 143 million, but for the current first half, just yen 23 million.

In terms of net profit, Teito recorded a net loss of yen 79 million for the most recent year, an improvement from the loss of yen 183 million reported a year ago. The company expects a loss of yen 15 million in the first half, reversing to a profit of 53 million for the full year ended March 2010.

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Reuters report