Bridgestone Cuts Full-Year Profit Projections

Bridgestone Corporation has revised its full-year financial projections, cutting net income predictions 35 per cent to 65 billion yen (£306 million).

Bridgestone put the reduced projections down to increased natural rubber and crude oil costs, not to mention costs incurred from the creation of “an extraordinary loss reserve established in connection with the 28 April 2006 announcement of the potential closure of Bridgestone Firestone North American Tire, LLC’s Oklahoma City plant.” Sales are also predicted to be down 50 billion yen (£235.8 million) from the original 2.95 trillion (£13.9 billion) projection. The revised forecast does not affect the management’s projections for consolidated sales and earnings for the first half (1 January to 30 June 2006).