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December 18, 2007 |
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IHI CORP: Sees JPY5 Billion in Operating Profit for FY2008-09 IHI Corp. expects to earn up to JPY5 billion in operating profit for its troubled energy and plant divisions for the fiscal year 2008-2009, Aiko Hayashi reports for Reuters. In a news conference, IHI president Kazuaki Kama said IHI will be more selective about projects it will undertake and decrease the number of large-scale projects to boost its ability to work through each one and reduce risks in order to return to profit, relates Mr. Hayashi. Reuters, in a separate report, states that IHI adjusted its consolidated full-year earnings forecast for the current year ending March 31, 2008, with its net profit estimated to be at JPY26.00 billion, operating loss to be seen at JPY15.00 billion, as compared to the JPY17.00 billion announced previously and revenue of JPY1.32 trillion. The forecast change is due to the adjustment of last year's results, says Reuters. The Troubled Company Reporter-Asia Pacific reported on Dec. 14, 2007, that IHI posted a consolidated net profit of JPY15.06 billion before tax adjustments for the fiscal year 2006-07, compared with the JPY45.3-billion reported earlier after reassessing the profitability of its plant and engineering projects. The TCR-AP further noted that the Tokyo Stock Exchange placed IHI on a "watch list" for delisting and will be investigated by the bourse. In addition, Japan's Securities and Exchange Surveillance Commission asked the Financial Services Agency to impose a JPY1 billion fine for allegedly falsifying earnings. 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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