Nippon Suisan Kaisha Ltd., Japan’s second-largest seafood supplier, said Tuesday it anticipates parent-only net losses of 16 billion yen for the 2001 business year to March 31, a reversal from earlier forecast profits of 1.7 billion yen.
The company attributed the revision to extraordinary losses of 28.4 billion yen, including appraisal losses of 9.8 billion yen on its equity stakes in three troubled subsidiaries in Argentina and New Zealand and 7.4 billion yen in loan-loss reserves set aside against loans to the subsidiaries.
The company also lowered its unconsolidated pretax profit forecast to 2.7 billion yen from 5 billion yen projected Nov. 22 on unconsolidated sales of 315 billion yen, down from the earlier projected 320 billion yen.
In the previous year, it posted net profits of 2.78 billion yen and pretax profits of 6.6 billion yen on sales of 298.19 billion yen on a parent-only basis.
On a group basis, the firm said it estimates net losses of 9 billion yen, compared with an earlier profit projection of 1 billion yen. It lowered its consolidated pretax profit outlook to 4.5 billion yen from 7 billion yen on unchanged sales of 490 billion yen.
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