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Ishikawajima-Harima Heavy Industries Co. said Tuesday it has revised down its full- and half-year group earnings projections for the 2001 business year, citing hefty appraisal losses on its stock portfolios and a troubled subsidiary.

The major shipbuilder said it expects to post a group net profit of 1 billion yen in the business year ending March 31, instead of the 8 billion yen it projected in May.

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