50 Major Japanese Firms Cut Sales Forecasts due to Virus

Economy

Tokyo, March 6 (Jiji Press)--Fifty publicly traded companies in Japan have lowered their annual sales forecasts by a total of some 264.8 billion yen due to the spreading coronavirus outbreak, a private survey showed Friday.

The firms include 26 manufacturers, such as chipmakers, and 11 wholesalers, according to the survey by credit research company Teikoku Databank Ltd.

More companies will cut their sales projections, with no end in the coronavirus crisis in sight, Teikoku Databank said.

The biggest downward revision involved travel agency H.I.S. Co. <9603>, which introduced no-charge cancellations of booked tours in China. The company cut its sales estimate by 125 billion yen, or 14 pct.

Sumitomo Chemical Co. <4005> saw the second biggest reduction, followed by Mitsubishi Logisnext Co. <7105>.

[Copyright The Jiji Press, Ltd.]

Jiji Press