TV Asahi Corp. said Thursday it expects to log a group net loss of ¥1.7 billion for fiscal 2008, which ended Tuesday, instead of a profit of ¥100 million projected two months earlier.
The broadcaster attributed the group net loss partly to appraisal losses on securities holdings and fixed assets. In the previous year, TV Asahi scored ¥6.42 billion in group net profit.
But the broadcaster revised its group pretax profit estimate upward from ¥2.75 billion estimated on Jan. 30 to ¥2.90 billion, against ¥12.08 billion in the previous year, and its operating profit projection was also hiked from an estimated ¥800 million to ¥1.20 billion, against the previous year’s ¥9.98 billion.
The company said the higher operating and pretax profit estimates are partly owing to its efforts to cut spending for TV program production. Its sales estimate was lowered from ¥247.50 billion to ¥246.00 billion, against ¥252.75 billion in fiscal 2007.
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