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.
The company also expects to post a consolidated full-year pretax profit of 18 billion yen, compared with an earlier projected profit of 20 billion yen, on group sales of 1.1 trillion yen, unchanged from the earlier projection.
IHI said it expects a one-off loss of 12 billion yen in the full year, up from the earlier projected loss of 4.5 billion yen, due to the huge appraisal losses on its stockholdings.
IHI said it expects a group net loss of 10 billion yen in the first half to Sept. 30, compared with the earlier projected 3 billion yen loss.
The company expects a pretax loss of 4 billion yen for the first half, compared with the 3 billion yen loss forecast earlier. It left unchanged its sales projection at 470 billion yen.
IHI said the group expects a one-off loss of 9 billion yen for the first half, compared with the 2.5 billion yen loss projected in May