Mexican Media Brands
Losses Deepen for Akebono Brake
Japan’s Akebono Brake Industry Co. Ltd. predicts it will post an adjusted net loss of 19.2 billion yen ($174 million) in the fiscal year ending March 31, citing losses in the U.S.
#economics
Share
Japan’s Akebono Brake Industry Co. Ltd. predicts it will post an adjusted net loss of 19.2 billion yen ($174 million) in the fiscal year ending March 31, citing losses in the U.S.
The brake system supplier reversed a 2 billion-yen ($18 million) profit through the first nine months of its previous fiscal year with a loss of nearly 18 billion yen ($160 million) in the same period this year.
Revenue for the nine-month period ended Dec. 31 dropped 7% to 186 billion yen ($1.7 billion).
The company booked 15 billion yen ($136 million) in impairment losses on assets in Slovakia, Thailand and the U.S. The company tells reporters it won’t abandon the American market, where a loss of expected new supply deals prompted the writedown.
Last month Akebono asked its largest customer, Toyota Motor Corp., for a cash infusion and filed for an out-of-court debt payment scheme. The company warned last autumn that it faced financial collapse.
RELATED CONTENT
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.