Chemical manufacturer Showa Denko K.K. said Tuesday it revised downward its fiscal 2001 group earnings projection to a 34.5 billion yen net loss from a break-even estimate due to additional advanced writeoffs of about 31.6 billion yen in restructuring costs.
The company also said it plans to liquidate its subsidiary, Shunan Denko K.K., in May 2003 under its ongoing restructuring program.
The additional writeoffs, which prompted the firm to slash its group earnings projection, include a 3 billion yen loss from Shunan Denko's liquidation, it added.