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Japanese tyre company in huge profit downgrade

Japanese tyre giant Bridgestone Corp. has slashed its earnings projection for the year to December by 79 percent due to "extraordinary losses" from its US subsidiary.

Bridgestone president, chairman and chief executive officer Shigeo Watanabe said the consolidated net profit for 2001 was forecast to be down 83 million dollars.

He said plans to close a Firestone plant in Illinois and costs resulting from a legal battle with Ford over responsibility for a spate of fatal road accidents would contribute to the huge loss in earnings.

28/06/01 7:06:49 | ABC Radio Australia News

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