Ajinomoto revises down profit, sales forecasts for fiscal 2006

Ajinomoto Co. said Tuesday it has revised downward its group earnings forecasts for the 2006 business year due to sales declines for key products, higher material costs and unit-price falls for its mainline amino-acid-based seasoning goods.

Ajinomoto said it now expects to post 30 billion yen in net profit for fiscal 2006, which ends Saturday, against the forecast of 35.5 billion yen released Nov. 10.

Pretax profit is projected at 61.5 billion yen, down from the November estimate of 69.0 billion yen, on estimated sales of 1,154 billion yen, down from 1,180 billion yen.

In fiscal 2005, the food manufacturer posted a net profit of 34.9 billion yen and a pretax profit of 61.4 billion yen on sales of 1,107 billion yen.