Asahi Diamond Industrial Cut Full-Year Forecasts Due to Extraordinary Losses

MT Newswires Live04-16 19:39

Asahi Diamond Industrial (TYO:6140) has cut its attributable profit forecast for the fiscal year ending March 31 to 1.94 billion yen from the initially projected 2.2 billion yen, according to a Tokyo bourse filing on Thursday.

The machinery manufacturer's earnings per share estimate was lowered to 39.41 yen from the earlier forecast of 42.84 yen, while net sales are expected to be lower at nearly 42 billion yen from 42.5 billion yen previously.

The reduction in net profit is primarily due to the recognition of approximately 1.8 billion yen in impairment losses on fixed assets of a European subsidiary, following a review that determined future profitability is unlikely, along with an additional 120 million yen impairment on machinery and equipment no longer in use.

The company confirmed that its dividend forecast remains unchanged from previous announcements.

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