Tokyo, Apr 15, 2008 (Jiji Press) - Kenwood Corp. <6765> said Tuesday it has cut its group net profit estimate for fiscal 2007 to 3 billion yen from 4 billion yen because of the negative impacts from the yen's sharp rise since the start of this year.
For the year that ended in March, the audio equipment and car electronics maker projects operating profit at 6.3 billion yen, down from the previously estimated 8.3 billion yen.
Sales are forecast at 165 billion yen, down from 183 billion yen, the company said.
The yen's appreciation squeezed the company's sales by 11 billion yen, Kenwood officials said.
In addition, sales of car electronics products made on an original equipment manufacturer basis were sluggish due to weak vehicle sales in Japan.
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