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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (32830)	9/25/1998 9:57:00 AM
From: Joseph G.	Respond to of 132070

They are always confident before ... <<TOKYO, Sept 25 (Reuters) - Japanese trading house Nissho Iwai Corp said on Friday that it would post a special loss of 161 billion yen this business year due to planned financial asset restructuring, including extending support to its troubled financial units. The special loss will be partly offset by a special profit of 66 billion yen from planned sales of securities and land holdings for the sameyear, the company said in a statement. As a result, the firm said it would post a parent net loss of 40 billion yen and not pay dividends in 1998/99.It had an actual parent net profit of 8.22 billion yen and a dividend payout of five yen per share in 1997/98. On a group basis, the company said it would fall deep in the red, as it predicted a net loss of 67 billion yen for 1998/99. This was a sharp downward revision from its initial group profit estimate of 15 billion yen. Its actual group net profit totalled 3.04 billion yen in the previous year. Nissho Iwai said it planned to forgive about 62.5 billion yen in credit it extended to wholly owned financing unit NI Finance Corp. It said it would inject additional financial aid of 49.5 billion yen to the same unit this business year. Of a total special loss of 161 billion yen, losses related to NI Finance would total 146.5 billion yen, including those to be incurred from restructuring Nissho Iwai's short-term trust funds and mutual funds held by the unit. The rest would be incurred from its planned financial support for a leasing unit and restructuring in other financial investments, Nissho Iwai said.>>