Kubota Expects Fiscal Year Loss
Kubota Corp. is now likely to incur a consolidated net loss of around US$83.6 million in the fiscal year ended March 31 because of a hefty share appraisal loss.
Like many other major Japanese companies announcing outlook revisions, Kubota has been hit by appraisal losses on the bank shares it holds. The expected net loss would mark a sharp reversal from its original forecast for a profit of $200.6 million.
Kubota is likely to post a special loss of $200.6 million on its shareholdings and $83.6 million on the cost of restructuring its group companies. The company’s overall special loss will come to about $300.9 million in the fiscal year just ended.