Toyo Releases Revised Performance Forecasts

Toyo Tire & Rubber has revised its consolidated and non-consolidated performance forecasts for the first half of the fiscal year ending March 31, 2008 (the period between April 1, 2008 to September 30, 2008). The revisions replace the forecasts originally released on August 12 and May 13 respectively.

Consolidated performance results have been adjusted to net sales of 172,800 million yen (£1.08 billion), an increase of 0.5 per cent on the August forecast. Operating income, at 1,170 million yen (£7.34 million) is now 2.5 per cent less than previously, and the company now expects a net loss of 2,200 million yen (£13.80 million), a 340 per cent increase on the previously estimated loss of 500 million yen (£3.14 million). This greatly increased net loss compared with the August forecast is mainly due, says Toyo, to additional transfer of provision for product warranty and decrease of estimated extraordinary gain.

The revised non-consolidated performance results now estimate net sales at 119,200 million yen (£747.83 million), a decrease of 0.7 per cent compared with the May estimate. Operating income is now estimated to be a loss of 590 million yen (£3.70 million), 210 million yen (£1.32 million) less than prior expected. Net loss, at 1,370 million yen (£8.59 million), is 500 million yen more than anticipated in May.