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TOYOTA
Denso Cuts Profit Forecast on Lower Auto Demand
Denso Corp., the world's largest listed auto-parts maker, cut its net income forecast 90 percent due to lower demand from carmakers and a stronger yen. The shares dropped to the lowest in more than two weeks.
Net income will fall to 10 billion yen ($110 million) from an earlier forecast of 101 billion yen in the year ending March 31, Denso said in a statement today. The company's operating profit forecast was reduced 79 percent to 38 billion yen.
Denso's profit revision comes on the heels of Toyota Motor Corp. forecasting its first operating loss in 71 years as the deepening global recession cuts automobile demand. Toyota, which owns 23 percent of Denso, accounts for about half of the partsmaker's revenue.
``A drop in car sales and exports from Japan and a stronger than expected yen has contributed to a sudden deterioration in the operating environment,'' Denso said in the statement.
Kariya, Aichi-based Denso based its profit forecast for the third quarter on 93 yen to the dollar and 122 yen against the euro.
The yen has gained 23 percent against the U.S. currency so far this year and traded at 91 yen today. The stronger Japanese currency reduces the value of Denso's repatriated overseas sales.
Toyota on Dec. 22 said it will post a 150 billion yen loss in the year through March, scrapping a previous forecast of 600 billion in profit.
Bridgestone
Denso fell as much as 4.2 percent to 1,322 yen and traded at 1,328 yen as of 9:12 a.m. in Tokyo. Aisin Seiki Co., Japan's largest maker of car transmissions, dropped as much as 3.9 percent and traded at 1,143 yen. Aisin spokesman Daisuke Kondo could not be reached for immediate comment on when it may revise its profit forecast.
Toyota parts-making affiliates Koito manufacturing Co. and Toyota Boshoku Corp. fell as much as 4.2 percent and 3.6 percent, respectively in Tokyo trading today.
Bridgestone Corp., the world's largest tiremaker by sales, also cut its profit forecast on falling auto demand on Dec. 22. Its shares dropped as much as 5.5 percent to 1,215 and traded at 1,218.
The Tokyo-based company slashed its net income forecast 82 percent to 12 billion yen in the year ending Dec. 31 from a previously forecast 66 billion yen The company cut its operating profit forecast 24 percent to 118 billion yen.
Net income will fall to 10 billion yen ($110 million) from an earlier forecast of 101 billion yen in the year ending March 31, Denso said in a statement today. The company's operating profit forecast was reduced 79 percent to 38 billion yen.
Denso's profit revision comes on the heels of Toyota Motor Corp. forecasting its first operating loss in 71 years as the deepening global recession cuts automobile demand. Toyota, which owns 23 percent of Denso, accounts for about half of the partsmaker's revenue.
``A drop in car sales and exports from Japan and a stronger than expected yen has contributed to a sudden deterioration in the operating environment,'' Denso said in the statement.
Kariya, Aichi-based Denso based its profit forecast for the third quarter on 93 yen to the dollar and 122 yen against the euro.
The yen has gained 23 percent against the U.S. currency so far this year and traded at 91 yen today. The stronger Japanese currency reduces the value of Denso's repatriated overseas sales.
Toyota on Dec. 22 said it will post a 150 billion yen loss in the year through March, scrapping a previous forecast of 600 billion in profit.
Bridgestone
Denso fell as much as 4.2 percent to 1,322 yen and traded at 1,328 yen as of 9:12 a.m. in Tokyo. Aisin Seiki Co., Japan's largest maker of car transmissions, dropped as much as 3.9 percent and traded at 1,143 yen. Aisin spokesman Daisuke Kondo could not be reached for immediate comment on when it may revise its profit forecast.
Toyota parts-making affiliates Koito manufacturing Co. and Toyota Boshoku Corp. fell as much as 4.2 percent and 3.6 percent, respectively in Tokyo trading today.
Bridgestone Corp., the world's largest tiremaker by sales, also cut its profit forecast on falling auto demand on Dec. 22. Its shares dropped as much as 5.5 percent to 1,215 and traded at 1,218.
The Tokyo-based company slashed its net income forecast 82 percent to 12 billion yen in the year ending Dec. 31 from a previously forecast 66 billion yen The company cut its operating profit forecast 24 percent to 118 billion yen.
