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Article: Seiko Raises Group Net Profit Estimate on Sale of Subsidiary.
- Article from:
- Kyodo News International (Tokyo, Japan)
- Article date:
- February 10, 2004
CopyrightCOPYRIGHT 2004 Kyodo News International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Feb. 10--TOKYO -- Seiko Corp. said Tuesday it has raised its group net profit estimate for the year to March 31 due to a one-time gain of 1.1 billion yen from the sale of part of its stake in an eyeglass unit to Pentax Corp.
Seiko said it now expects a group net profit of 7.5 billion yen, up from the 7 billion yen projected last November.
But the holding company for Seiko group companies said it cut its group sales and pretax estimates to 210 billion yen and 9.5 billion yen from the earlier projected 213 billion yen and 10.5 billion yen, respectively.
Seiko cited the negative impact of a higher yen and seasonal variations as factors behind ...