Revised Bridgestone Financial Projections Reflect Global Slowdown
Bridgestone Corporation reports that the financial crisis and resultant global economic slowdown has created a necessity for it to revise the consolidated financial projections for the fiscal year ended December 31, 2008 that were originally announced on August 8. These downward changes have mostly been caused by decreasing tyre sales in Europe and North America, the company says.
Projected net sales decline 170,000 million yen (£1.28 billion) to 3,250,000 million yen (£24.44 billion), a drop of five per cent. Operating income is down 23.9 per cent or 37,000 million yen (£278 million) to 118,000 million yen (£887 million), ordinary income has reduced by 53,000 million yen (£398 million) or 45.3 per cent to 64,000 million yen (£481 million). Net income takes the largest plunge, falling 81.8 per cent or 54,000 million yen (£406 million) to 66,000 million yen (£496 million).