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Article: SANRIO SEES $155 MLN FY04 NET LOSS FROM ASSET IMPAIRMENT CHARGES.
- Article from:
- AsiaPulse News
- Article date:
- November 19, 2004
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TOKYO, Nov 19 Asia Pulse - Sanrio Co. (TSE:8136) said Thursday that it expects to incur a group net loss of 16.2 billion yen (UA$155.3 million) for the year ending March 31, 2005, partly due to its 21.9 billion yen in asset impairment charges.
This would mark its first net loss since fiscal 2002, when the company generated losses after withdrawing from stock investments. Sanrio will scrap a planned 10 yen dividend for fiscal 2004.
"We believe that the theme parks are a way to nurture our characters and help generate earnings in a way that isn't visible; but we had to follow asset impairment accounting rules," Sanrio President Shintaro Tsuji said.