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You are here: Home1 / News2 / Product News3 / Bridgestone Revises 2008 Fiscal Projections Following EC Fine

Bridgestone Revises 2008 Fiscal Projections Following EC Fine

Date: 29th January 2009 Author: Tyrepress Editors Comments: 0

Following the January 28 European Commission decision regarding the international marine hose cartel, Bridgestone has once more revised its consolidated financial projections for the 2008 fiscal year. The company anticipates net sales of 3,250 billion yen (£25.5 billion), an amount unchanged since it last revised its projections on December 22, 2008 and 170 billion yen (£1.3 billion) less than the company’s original 2008 year projection, announced on August 8, 2008. Operating income, at 118 billion yen (£926.7 million) and ordinary income of 64 billion yen (£502.6 million) also remain the same as the December 22 projection. Net income, however, is now projected to be 7.5 billion yen (£58.9 million), a reduction of 4.5 billion yen (£35.3 million) or 35 per cent from the December revisions. Last August the tyre major had anticipated net income of 66 billion yen (£518.3 million).

The fine of 58.5 million euros imposed by the European Commission against Bridgestone amounts to approximately 7.5 billion yen. Bridgestone management now expects a decline in net income from the projections announced on December 22, 2008 because the company accrued the amount of the fine as an extraordinary loss during fiscal 2008.

Related news:

  1. Bridgestone Revises Profit Forecast
  2. Report: Bridgestone to Announce 26% Profit Fall at Year End
  3. Woman Avoids Prison for Bridgestone-Firestone Embezzlement
  4. Revised Bridgestone Financial Projections Reflect Global Slowdown
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Bridgestone, cartel, December, European Commission, financials, fine, Product News

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