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Mitsubishi Rayon Lowers Earnings and Sales Projections

1:06 AM MDT | April 27, 2009 | Deepti Ramesh

Mitsubishi Rayon has lowered its financial projections for the fiscal year ended March 31, 2009. The company expects to record a net loss of ¥29 billion ($299 million) for the year, compared with a previous net loss projection of ¥27 billion. Mitsubishi has also cut its sales projection to ¥345 billion from ¥355 billion. “As a result of a severe weakening of demand due to the worldwide economic downturn, the company’s sales are now estimated to have fallen below the levels we forecast in February,” Mitsubishi Rayon says...

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