Many Japan Firms Cut FY '18 Net Profit Forecasts: Jiji Tally
Tokyo, Feb. 1 (Jiji Press)--Sixty-seven major Japanese nonfinancial companies have revised down their group net profit forecasts for fiscal 2018, against 43 that have made upward revisions, a Jiji Press survey showed Friday.
Companies are growing bearish in response to stagnant sales in China amid heightened concerns about the country's economic deceleration reflecting its trade friction with the United States.
The survey covered 488 nonfinancial companies listed on the Tokyo Stock Exchange's first section that close their books in March and had announced consolidated earnings for April-December last year by Friday. They account for 36 pct of all first-section nonfinancial firms with the same book-closing period.
Machine tool maker Fanuc Corp. <6954> lowered its earnings projections for the full year ending in March due to a fall in capital investment demand in China.
Also blaming sluggishness in China, automotive parts makers Denso Corp. <6902> and Aisin Seiki Co. <7259> trimmed their sales and profit forecasts.
[Copyright The Jiji Press, Ltd.]