17 April 2009 13:54 [Source: ICIS news]
TOKYO (ICIS news)--Japanese oleo and specialty chemicals producer NOF Corp expects its full-year net income to be yen (Y) 2.3bn ($23.1m), down nearly 18% from its previous forecast, due to the impact of the global economic downturn, the company said on Friday.
The company said that it had been particularly affected by producers of automotive and electronic materials, which had made production cuts and inventory adjustments as a result of the economic slowdown.
NOF had previously forecast net income of Y2.8bn for the year ended 31 March.
The producer said now estimated full-year net sales to be Y150bn, a 3.2% decrease from its January forecast of Y155bn.
($1 = Y99.40)
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