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SHOWA CORP Amends Mid-year and Full-year Consolidated Outlook for FY 2014; Expects Extraordinary Loss for FY 2014


Tuesday, 17 Sep 2013 03:45am EDT 

SHOWA CORP announced that it has raised its mid-year consolidated outlook for revenue from JPY 136,000 million to JPY 137,500 million, operating profit from JPY 9,000 million to JPY 10,000 million, ordinary profit from JPY 10,000 million to JPY 10,500 million, and lowered its mid-year consolidated outlook for net profit from JPY 4,500 million to JPY 300 million, earnings per share from JPY 59.24 to JPY 3.95, for the fiscal year ending March 31, 2014. The Company also has raised its full-year consolidated outlook for revenue from JPY 274,000 million to JPY 275,000 million, operating profit from JPY 19,000 million to JPY 20,000 million, ordinary profit from JPY 20,000 million to JPY 21,000 million, and lowered its full-year consolidated outlook for net profit from JPY 8,000 million to JPY 7,800 million, earnings per share from JPY 105.31 to JPY 102.68, for the same fiscal year. The Company lowered its consolidated outlook for net profit due to the extraordinary loss caused by closing of Nagoya plant and early-retirement program. According to I/B/E/S Estimates, analysts on average are expecting the Company to report its full-year consolidated outlook for revenue of JPY 278,430 million, operating profit of JPY 19,630 million and net profit of JPY 8,070 million, for the same fiscal year. The Company expects an extraordinary loss of approximately JPY 2.7 billion caused by exchange of automobile parts with problems manufactured by China-based joint venture, for the same fiscal year. 

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