YAMAHA 2008 PROFIT WIPED OUT
January 28 2009.

Yamaha Motor Co. announced today that it expects its net profit to have been nearly wiped out in 2008 as it soaked up a slide in consumer spending in major markets brought on by the global economic downturn that's hit all of Japan's automotive companies.

The world's second-biggest motorcycle manufacturer said it now estimates net profit for the 12 months ended last December dived to only Y1.50 billion from Y71.2 billion a year earlier. Yamaha is scheduled to publish final earnings details on February 12.

The company, which is 15%-owned by musical instrument maker Yamaha Corp. had previously forecast a net profit of Y45 billion for the year.

Yamaha said that it now expects to pay a 2008 dividend of Y25.50 per share, down from the Y41.00 it previously forecast. The company also said it will cut directors' salaries by 10%-20% as part of its efforts to cope with the downturn.
 

Source: Nikkei Daily.