Sekisui predicts 2001 loss

Japan“s Sekisui Chemical Co, one of the country“s largest PVC pipe producers, sees consolidated net profits slipping to a loss of JPY 50 billion in fiscal 2001 (1 April 2001 to 31 March 2002), the c…

Japan“s Sekisui Chemical Co, one of the country“s largest PVC pipe producers, sees consolidated net profits slipping to a loss of JPY 50 billion in fiscal 2001 (1 April 2001 to 31 March 2002), the company said in preliminary figures released on 2 April. Although this would be slightly down from the loss in 2000 of JPY 49 billion, it would mean a sharp drop of 35% from the forecast in January. Consolidated sales would slip in 2001 to JPY 840 billion, down 8% from JPY 914 billion in 2000, and down 2.9% from the January forecast. The company blames the worsening situation on lower stock paper prices for which it had to write off an additional JPY 9 billion. For 2002, Sekisui predicts a rebound into the black with consolidated net profits of JPY 80 billion. Sales, however, are expected to slip further to JPY 820 billion, Sekisui said.