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November 27, 2007 |
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IHI CORP: To Sell Asset to Dai-ichi Mutual for JPY77 Billion Japanese heavy machinery maker IHI Corp. said on Monday that it would sell a property in Tokyo to Dai-ichi Mutual Life Insurance Co., posting an extraordinary gain of JPY77 billion (US$710 million) this business year, Reuters reports. According to Reuters, the sale is already factored into IHI's earnings forecast announced in September, when IHI slashed its outlook to project an operating loss on problems in its energy plant division and said it might revise even lower. IHI, the report recalls, said that it expected an operating loss of JPY17 billion for the year ending March 31, 2008, compared with an earlier forecast of a JPY40-billion profit. The company said it reassesses planned cost cuts relating to long-term large-scale plant projects and added that operating loss could widen to as much as JPY45 billion, Reuters adds. IHI, formerly Ishikawajima-Harima Heavy Industries, has delayed its first-half earnings announcement until Dec. 14, 2007, from the initial Nov. 5 schedule due to an audit, the report recounts. About IHI Corp. Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp -- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a Japan-based company engaged in six business segments. The Logistics and Steel segment offers concrete products, automated storages, loaders and others. The Machinery segment offers plastic processing machines, industrial boilers, pumps and others. The Energy Plant segment develops waste incineration facilities, nuclear power plants, thermal power plants and process plants, water treatment plants, renewable power plants and other facilities. The Aerospace segment produces aircraft engine parts and provides aircraft maintenance services. The Ship and Offshore segment builds container ships, bulk carriers, tankers and other ships, as well as develops marine equipment and machinery and provides design and engineering services. The Others segment provides real estate, financial and insurance services. The Troubled Company Reporter-Asia Pacific reported on July 13, 2007, that Standard & Poors Rating Agency affirmed its BB+ long- term corporate credit rating with a positive outlook. |
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