Tokyo Century Corp slashes profit forecast for FY2022/23, to record special loss

Tokyo Century

10/01/2023 06:55

TOKYO, Jan 10 (Reuters) - Tokyo Century Corp  8439.T 
said on Tuesday it was slashing its profit forecast for the
fiscal year ending on March 31 and recording a special loss of
29 billion yen ($219.9 million). 
    The revision was due to a worsening situation regarding
recovery of receivables related to financing and loan guarantees
made by its California-headquartered unit, Aviation Capital
Group, to a Russian airline, the company said in a statement,
blaming the situation on the prolonged conflict between Russia
and Ukraine. 
    The company, a financial services, leasing and investment
firm, also said it was cutting its net income forecast from 20
billion yen to 1 billion yen as a result.
    ($1 = 131.9000 yen)
 (Reporting by Elaine Lies)
 ((elaine.lies@thomsonreuters.com; +81-3-4563-2748; Reuters
Messaging: elaine.lies@thomsonreuters.com))