ASAHI RUBBER revised its forecast for current-year consolidated net income upward from the previous forecast of ¥85 million to ¥167 million. It also significantly raised its first-half profit forecast to ¥106 million, while first-quarter profit fell sharply year on year.
In its earnings announcement on 6 August, ASAHI RUBBER revised its full-year net income forecast upward from the previous forecast of ¥85 million to ¥167 million. Full-year profit is now expected to increase significantly from the previous fiscal year.
At the same time, the company revised its forecast for first-half (April-September) net income upward 4.4-fold, from ¥24 million to ¥106 million, and now expects a significant year-on-year increase.
First-quarter (April-June) results were sales of ¥1,838 million, operating profit of ¥12 million, ordinary profit of ¥14 million, and net income of ¥4 million. Profit margins for the latest three months declined from the year-earlier period.
The company said the revision reflects an expected gain of approximately ¥116 million on the sale of investment securities, which is expected to push profit attributable to owners of the parent for the second quarter and full year above the previous forecasts.