Japanese Taiheiyo Cement to post a US$308 mln loss

Byswb

Updated Mon, 16 Feb 2009 00:00:00 GMT

Taiheiyo Cement Corp. said Thursday that it will suffer a 28 billion yen (US$308.4 million) group net loss for the year ending March 31, deeper than the seven billion yen loss it had previously projected and a far cry from its 20.4 billion yen profit in fiscal 2007. Its core cement business has been struggling amid the economic downturn.

In addition, earnings have been slumping at a South Korean affiliate, whose performance is reflected in Taiheiyo Cement's consolidated results based on the proportion of ownership.

Sales are expected to fall five per cent to 880 billion yen, undershooting its earlier forecast by 30 billion yen.