EPSON 2008 PROFITS PLUNGE 80% !

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EPSON 2008 PROFITS PLUNGE 80% !

 user 2009-04-24 at 12:29:31 pm Views: 66
  • #22121

    http://www.tradingmarkets.com/.site/news/Stock%20News/2286102/
    JAPANESE SEIKO EPSON’S PRETAX PROFIT LIKELY PLUNGED 80% IN FY08
    TOKYO, Apr , 2009 — Seiko Epson Corp.  is expected to log a consolidated pretax profit of about 12 billion yen (US$122.3 million) for the fiscal year ended March 31, down about 80 per cent due to sluggish demand for its mainline inkjet printers and other products.The firm is believed to have booked 68.2 billion yen in structural reform expenses and impairment losses for its unprofitable operations in small LCD panels and semiconductors. As a result, the company likely fell into the red with a net loss of about 100 billion yen.

    For the current fiscal year, Seiko Epson expects that its bottom line will be pushed up by 11 billion yen partly because structural reforms will lead to lower depreciation charges. In addition, it will cut fixed costs by about 20 billion yen mainly by lowering personnel expenses. Still, pretax profit may fall to zero due to the slump in demand caused by the economic downturn.Sales for fiscal 2009 are seen falling below the roughly 1.1 trillion yen projected for fiscal 2008, partly because of downsizing at its LCD and chip operations. And there are no signs that demand will recover for the firm’s inkjet printers.The yen is expected to be stronger this year, and this will hurt the firm’s earnings. Every 1 yen appreciation of the Japanese currency against the euro erodes the firm’s profits by about 1.2 billion yen.