Mitsui DM Sugar Slashes Full-Year Profit Forecast on Impairment and Valuation Losses

MT Newswires Live03-24

Mitsui DM Sugar (TYO:2109) slashed its attributable profit forecast for the fiscal year ending March 31 to 3.9 billion yen from 7.7 billion yen due to impairment and valuation losses.

The sugar manufacturer's earnings per share are now estimated at 124.59 yen from 246.17 yen previously, according to a Tokyo bourse filing on Tuesday.

Net sales and operating income estimates remain unchanged at 200 billion yen and 12.3 billion yen, respectively.

The downward revision follows the expected recognition of 6 billion yen in impairment losses on tangible fixed assets, goodwill, and intangible assets at its consolidated subsidiary SIS'88 and related entities.

The company also anticipates booking a valuation loss of 8.2 billion yen on shares of the same affiliate in its non-consolidated accounts due to a significant decline in share value, though this loss will not affect consolidated results as it is eliminated in consolidation.

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