Mabuchi Motor Co. said Friday it has revised downward its group earnings projections for the year to Dec. 31, citing valuation losses on equity holdings.
Mabuchi is the world's largest manufacturer of micro-motors.
The firm said it now expects group net profits of 19.2 billion yen, compared with the 23.5 billion yen projected in February, and group pretax profits of 30.6 billion yen, against an earlier projection of 33.5 billion yen.
Group sales are estimated to reach 108 billion yen, down from the previously forecast 118 billion yen.
For the first half to June 30, Mabuchi Motor revised downward its group net profits projection to 8.9 billion yen from 11 billion yen. It raised its group pretax profits forecast, however, to 15.6 billion yen from 15.5 billion yen on foreign exchange gains resulting from a weaker yen.
It revised downward its sales projection to 53.3 billion yen from 56.3 billion yen on an economic slowdown worldwide.