Thursday January 29, 08:42 AM
Bridgestone cuts profit estimate after EU fine
TOKYO (AFP) - Japanese tyremaker Bridgestone (Berlin: BGT.BE - news) on Thursday slashed its net profit estimate for 2008 after being slapped with a big fine by EU antitrust authorities for participating in an illegal cartel.
Bridgestone, which vies with France's Michelin (Paris: FR0000121261 - news) to be the world's top tyremaker, now expects a 94 percent slump in net profit to 7.5 billion yen (83 million dollars), down from a previous estimate of 12 billion yen.
Bridgestone is being fined 58.5 million euros (77 million dollars) for its involvement in a cartel in the market for hoses used in loading crude oil on tankers, the European Commission said Wednesday.
The Japanese giant had already slashed its profit forecast by 82 percent in December as the global financial crisis batters the auto industry. Bridgestone is due to announce its final 2008 results on February 19.
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