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50 major Japanese firms cut sales forecasts due to virus

  • March 6, 2020
  • , Jiji Press , 7:15 p.m.
  • English Press

Tokyo, March 6 (Jiji Press)–Fifty publicly traded companies in Japan have lowered their annual sales forecasts by a total of some 264.8 billion yen due to the spreading coronavirus outbreak, a private survey showed Friday.

The firms include 26 manufacturers, such as chipmakers, and 11 wholesalers, according to the survey by credit research company Teikoku Databank Ltd.

More companies will cut their sales projections, with no end in the coronavirus crisis in sight, Teikoku Databank said.

The biggest downward revision involved travel agency H.I.S. Co. <9603>, which introduced no-charge cancellations of booked tours in China. The company cut its sales estimate by 125 billion yen, or 14 pct.

Sumitomo Chemical Co. <4005> saw the second biggest reduction, followed by Mitsubishi Logisnext Co. <7105>.

In a separate Teikoku Databank survey of some 10,000 firms, 63.4 pct said they expect a negative impact on earnings from the outbreak.

The percentage was the highest, at 89.3 pct, in the textile and clothing wholesale sector and the hotel industry.

In the hotel industry, over 70 pct said they already see a negative impact.

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