Prima Meat Packers Slashes Full-Year Forecasts Due to Impairment Loss
Prima Meat Packers (TYO:2281) has slashed its attributable profit forecast for the fiscal year ending March to 4.6 billion yen from 8 billion yen previously, according to a Tokyo bourse filing on Friday.Earnings per share are also projected to be lower at 91.52 yen from the earlier estimate of 159.17 yen, while net sales are forecast at 475 billion yen, slightly below the prior forecast of 480 billion yen.The downward revision is mainly due to a decrease in net sales at a vendor subsidiary, which led to an expected impairment loss on fixed assets and a reversal of deferred tax assets at that subsidiary.Additionally, other subsidiaries are also anticipated to record impairment losses on fixed assets, including goodwill.The company noted that its dividend forecast remains unchanged from previously announced figures.
