Storage battery maker Yuasa Corp. said Wednesday it has revised downward its group earnings forecasts for both the first half and full year of fiscal 2001 due to falling sales in its core battery business.
The company said prices and sales of batteries are continuing to fall amid stagnating consumer spending and business investment. Appraisal losses of 1.4 billion yen on its securities holdings were also behind the downward earnings revision, it said.
For the fiscal first half that ended Sept. 30, Yuasa expects to post net losses of 1 billion yen, a sharp reversal from the previous projection in May of profits of 200 million yen.
Pretax profits have also been revised down to 200 million yen from 800 yen while pretax sales have been revised downward to 62 billion yen from 64 billion yen.
For the year to March 31, the company estimates it will generate net profits of 1.1 billion yen, revised down from 2 billion yen, and pretax profits of 3 billion yen, down from 4.1 billion yen, on sales of 137 billion yen, down from 140 billion yen.