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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.

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

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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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