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December 26, 2007 |
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IHI CORP: President Sees Strong Recovery Next Fiscal Year IHI Corp. President Kazuaki Kama is confident that the company will make a strong recovery in the next fiscal year starting April 1, 2008, Jiji Press reports. After revising its financial statement for fiscal 2006 and lowering its earnings to an estimated loss of JPY15 billion for this year, IHI, according to Jiji Press, is expected to log a group operating profit of some JPY40 billion for the next fiscal year. Earlier this month, IHI, whose shares are being monitored by the Tokyo Stock Exchange for delisting, estimated that its energy plant division will incur a loss of JPY54 billion for the current year, the report added. The ships and heavy machinery is expected to regain a JPY4-JPY5 billion profit, thanks to a decline in the number of loss-making projects overseas and cost control, Mr. Kama told Jiji Press. Mr. Kama, relates Jiji Press, notes that its aircraft engine supply and shipbuilding are growing steadily. 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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