Descente Slashes Guidance on Korea Headwinds
Comprehensive net loss was ¥134 million ($1.2 mm) for the fiscal first half ended Sep. 30 against a loss of ¥528 million last year, on 1% lower revenues of ¥65,926 million ($614.4 mm) vs. ¥66,768 million. Excluding significant foreign currency translation adjustments in both periods, along with other comprehensive items, net income was off 4% to ¥2,210 million ($20.6 mm) from ¥2,291 million. Descente reduced its full-year guidance, noting that that lower sales in the important Korean market combined with the depreciating Won would cut its top line to ¥130.8 billion from ¥144.0 billion previous guidance, and its net income ... Log in to view full article.