Truck and diesel engine maker Isuzu Motors has lowered its earnings forecast for the fiscal year ending in March and now expects a group net loss of JPY26.9bn compared with its earlier estimate of JPY15bn.
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The automaker said the main reason was a write-off of JPY24.5bn in deferred tax assets it had booked in anticipation of better earnings results in future years, Kyodo News reported.
The company also trimmed its group sales forecast to JPY1.42 trillion from JPY1.46 trillion projected in February.
But Isuzu revised its group operating profit forecast for in fiscal 2008 up to JPY21.7bn from 9bn previously, due to cost cutss.
It also upgraded its consolidated pretax profit estimate to JPY15.2bn, compared with JPY2bn earlier.
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