As a result of massive restructuring efforts, Hikari Tsushin Inc. on Mondayy announced a downward revision of its sales projection for the current business year to end in Aug. 31.
The re-seller of mobile phones said its sales for the year will be 280 billion yen -- 50 billion yen lower than its previous forecast.
However, the company maintained its forecast for operating losses, which was 11.6 billion yen, noting that the ongoing restructuring efforts reduced operating costs.
The company also revised estimates for pretax profit from 28 billion yen to 50.4 billion yen and net profit from 13.5 billion yen to 8 billion yen.
The company also reported 56 billion yen in special losses it blamed on restructuring its sales staff and posted 58.3 billion yen in special profit as a result of selling shares in five companies.
The company has closed 1,050 shops over the past four months.
In April, Hikari Tsushin revised its sales forecast from 380 billion yen to 330 billion yen.