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
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.