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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.
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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.
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