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 Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
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.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.