Revised Bridgestone 2008 Financial Projections - Tire Review Magazine

Revised Bridgestone 2008 Financial Projections

Bridgestone Corp. reports that the financial crisis and resultant global economic slowdown have created a necessity for it to revise the consolidated financial projections for the fiscal year ended Dec. 31, 2008, that were originally announced on Aug. 8.

These downward changes have mostly been caused by decreasing tyre sales in Europe and North America, the company said.

Projected net sales decline 170,000 million yen (£1.28 billion) to 3,250,000 million yen (£24.44 billion), a drop of 5%. Operating income is down 23.9%, or 37,000 million yen (£278 million), to 118,000 million yen (£887 million). Ordinary income has reduced by 53,000 million yen (£398 million), or 45.3%, to 64,000 million yen (£481 million). Net income takes the largest plunge, falling 81.8%, or 54,000 million yen (£406 million), to 66,000 million yen (£496 million). (Tyres & Accessories/Staffordshire, U.K.)

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