Kurita Water Annual Profit Falls 31% as Customer Spending Slows
Kurita Water Industries Ltd. (6370), a Japanese water system provider, said full-year profit fell 31 percent to the lowest in seven years after customers in Japan curtailed investments and a slowdown in the global economy.
Net income dropped to 11.5 billion yen ($117.6 million) in the 12 months ended March 31 from 16.5 billion yen a year earlier, the Tokyo-based company said today in a statement to the Tokyo Stock Exchange. Sales slid 7 percent to 180.1 billion yen from 193.8 billion yen.
Growth this fiscal year will be supported by demand for water treatment in emerging Asian economies, according to the statement. Full-year profit will increase 22 percent to 14 billion yen and sales are expected to rise 6 percent to 191 billion yen, the company forecast.
Kurita, which manufacturers and sells water treatment equipment and products including soil remediation systems, fell 0.2 percent to 1,999 yen in Tokyo trading before the result and the outlook were released.
The shares have gained 5.7 percent since Jan. 1, compared with a 33 percent advance for the Nikkei 225 average.
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