JR Freight Co., the cargo operator of the JR group, unveiled Monday its business plan for 2002, predicting the economic slump will continue and push down the firm's overall revenues by 7.1 billion yen from the previous year to 159.3 billion yen.
The company predicted 3.1 billion yen in operating profits, down 1.7 billion yen, and pretax profits of 1 billion yen, down 1.5 billion from the previous year.
The company said it plans to reduce more than 300 employees through retirement and transfers to group companies, which it says will cut 4 billion yen in personnel costs for the business year.
The company submitted the business plan to the Land, Infrastructure and Transport Ministry. The ministry is expected to approved the plan later in this month.