Fujiya Co has revised its consolidated forecast for the 2005 financial year ending 31 March, estimating losses of JPY1.8bn (US$15m) – down from a previously estimated net profit of JPY100m.

However, the consolidated sales revenue forecast remained unchanged at JPY84bn, a report in Japanese News Digest noted.

The company set aside reserves of JPY1.2bn for possible loan losses, writing off impairment costs on its loss-making outlets. An extraordinary loss incurred by one of Fujiya’s subsidiaries also contributed towards the downward revision. 

The company said that it would not pay a year-end dividend for fiscal 2005/6