News
Shimano trims profit forecasts
Mark Sutton Oct 29 2009, 10:59am
Purchase cutbacks on mid to high-end gear affecting trade
Bicycle components and fishing gear manufacturer Shimano has lowered its financial forecasts following a dip in consumers sales throughout the US and Europe.
Bloomberg news reports that Shimano's stock fell 6.9 per cent to 3,660 yen when the company announced earlier this week that forecasts would not be met.
The 28 per cent full-year forecast cut is the third of its kind this year and now places the company's estimate at 11 billion Yen.
Shimano also reported that net income had dived 58 per cent for the first nine months of this year (ending September 30th) when compared to the same period last year.
The Bloomberg story can be seen here.
