Kajima Corp. said Tuesday it now expects to post a group operating loss of ¥9 billion for fiscal 2009, the first such loss since the company was listed on the stock exchange in 1961.
Although the general contractor had projected a group operating profit of ¥21 billion for the year that ended last month, it was hurt by such factors as losses from a Dubai railway construction project in the United Arab Emirates, the company said.
The Dubai Metro project has also led general contractor Obayashi Corp. to estimate a group operating loss of ¥66 billion for fiscal 2009. Costs on the project have expanded due to such factors as design changes.
Kajima said its consolidated sales for fiscal 2009 are now estimated at ¥1.62 trillion instead of an earlier forecast of ¥1.65 trillion. Its group net profit estimate was lowered to ¥13 billion from ¥16 billion.