Yokohama lowers projections a second time
Yokohama Rubber Co. Ltd. has lowered its fiscal year projections for the second time since the start of 2009.
Yokohama now predicts that it will achieve consolidated net sales of 520 billion yen, down 5.7% from its previous fiscal year. The company also expects to suffer a net loss of eight billion yen, down from a net profit of 21.1 billion yen the prior year.
Yokohama officials attribute the downward revision to a "worse-than-expected deterioration of demand in markets worldwide. Profitability is suffering, meanwhile, from the decline in net sales and from production adjustments necessitated by declines in unit sales volume."