Shimano 's Q1 Sales Down 19%

OSAKA, Japan (BRAIN)—Shimano’s sales were down, but the company still managed to increase its net profit by 3 percent over its first quarter ending March 31, 2009.

Shimano’s sales dropped to $469 million (JPY 45.1 billion), its operating profit dropped 41 percent to JPY $53 million (JPY 5.1 billion) and its ordinary profit fell 10 percent to $74 million (JPY 7.1 billion). Shimano expects the global recession to worsen and is revising its previous forecasts down.

The company revised its first six-months sales to $953 million (JPY 91.5 billion), a 21 percent drop compared with sales of $1.2 billion (JPY 115.5 billion) during the first six months of 2008. And the company expects its net profit to drop to $78 million (JPY 7.5 billion) from $130 million (JPY 12.5 billion) last year.