Ishikawajima-Harima Heavy Industries Co. said Monday it has revised its group earnings projections downward for fiscal 2003.

The shipbuilder and heavy machinery maker has forecast a group net loss of 39 billion yen and will skip yearend dividend payments. It blamed a slump in the energy and plant engineering business, and deteriorating profitability in the shipbuilding and offshore structure businesses.

It also cited increased reserves for possible losses on work for which the company has received orders due to a change in the way it books loss reserves.

IHI had expected to break even on a net basis.

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