Japanese ham and sausage producer Itoham Foods today (16 December) said it expects to incur a consolidated net loss of JPY1.5bn (US$16.7m) in fiscal 2008, according to reports.
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The company blamed falling sales after the news in October that underground water used at one of its plants was contaminated with a toxic substance.
Itoham previously estimated a net profit of JPY4bn for the year to next March. It has now also predicted an operating loss of JPY800m, against a previous forecast of JPY6.2bn.
Itoham revised down its overall sales projection for the year to JPY494bn from JPY528bn.
In October, the company recalled sausage and other products from its factory in Kashiwa following the discovery of groundwater containing a level of a cyanogen compound exceeding the accepted standard.
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By GlobalDataThe products were among 640,000 packs that Itoham had been asked to produce on behalf of ten clients.
