*NEWS*EPSON EYES SMALLER NET LOSS OF $59M

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*NEWS*EPSON EYES SMALLER NET LOSS OF $59M

 user 2007-05-03 at 11:36:00 am Views: 50
  • #18203

    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.