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Seiko Epson eyes smaller net loss on fewer taxes
TOKYO,
MAI 07- Japanese electronics maker Seiko Epson Corp. said on Monday it
expects a 60 percent smaller net loss on lower-than-expected tax
costs.The company revised up its outlook for the year ended March 31 to
a net loss of 7 billion yen ($59 million), instead of a previously
announced loss of 18 billion yen, due to lower taxes at subsidiaries
and a boost in tax credits on its struggling display business.The
market consensus is for a loss of 18.0 billion yen, according to 12
analysts, who revised their outlook in line with Seiko Epson’s previous
outlook change last month.Seiko Epson, the world’s second-largest ink
jet printer maker after Hewlett-Packard Co. , also nudged up its
operating profit outlook by 0.6 percent to 50.3 billion yen, up from 50
billion yen. It revised its recurring profit forecast by 2.1 percent to
49 billion yenSThe company said in March it expects to post its second
straight year of losses after writing down a 40.6 billion yen fall in
the value of its display business.Seiko Epson’s display unit was 45
percent owned by consumer electronics maker Sanyo Electric Co. , before
Seiko bought out Sanyo’s stake earlier this year.Ahead of the
announcement, Seiko Epson shares closed up 0.3 percent at 3,570 yen,
compared with the benchmark Nikkei average , which gained 0.02 percent.
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