EPSON 2008 PROFITS PLUNGE 80% !

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EPSON 2008 PROFITS PLUNGE 80% !

 user 2009-04-24 at 12:30:08 pm Views: 45
  • #22128

    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.