TOKYO (March 24, 2009)—Yokohama Rubber Co. Ltd. has again lowered its sales and earnings projections for the fiscal year ending March 31, citing a “worse than expected” deterioration in world demand.
Yokohama expects its net loss to hit $82 million, or roughly 12.5 percent worse than the loss projected in late January. By contrast, Yokohama reported $185 million in net income in fiscal 2008.
Operating income is projected at $118 million or 18 percent lower than the late January forecast and 65.3 percent lower than last year.
The latest sales forecast of $5.3 billion is 0.6 percent lower than the January projection and 5.7 percent lower than the fiscal 2008 figure.
Yokohama said profitability is suffering from the decline in net sales and from production adjustments necessitated by declines in unit sales volume.