Bridgestone slashes financial forecast

ERJ staff report (TB)

Tokyo -- Bridgestone Corp. said it now expects to report an 81.8-percent decline in consolidated net income for the fiscal year ending 31 Dec, 2008, because of the global financial crisis.

The company reduced its forecast for sales, operating income and profits from a prediction made Aug. 8. The tyre and rubber products maker now anticipates its sales will slide 5 percent for the year to Yen 3.25 million million (Euro 25 500 million), operating income will fall 23.9 percent to Yen 118 000 million (Euro 928 million), and net profits will end up at Yen 12 000 million (Euro 94 million).

Among the specific reasons Bridgestone cited for the declines, beyond the global financial crisis, is foreign exchange fluctuations and an impairment loss related to the retread business in the Americas.

From Tire Business (A Crain publication)

Press release from Bridgestone