Bridgestone has cut its full-year net profit forecast by 81.8%, with the Japanese tyre company also slashing its sales forecast by 5%.
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The company said in a statement that it now expects its net profit to reach JPY12bn (US$133m) for the full year. Earlier estimates had it coming in at JPY66bn.
Operating profit is now estimated to be JPY118bn, down from JPY155bn forecast earlier. Sales are expected to be 3.25 trillion yen, compared with its earlier projection of 3.42 trillion yen.
“The financial crisis that originated in the US has had a tremendous negative impact on the world economy, contributing to the global economic slowdown. Amid such a business environment, management expects consolidated sales and operating profit to decline from the projections announced in August 2008 due in part to decreasing tyre unit sales mainly in North America and Europe,” the company said in a statement.
