ID :
37209
Thu, 12/25/2008 - 06:25
Auther :
Shortlink :
https://oananews.org//node/37209
The shortlink copeid
Top Japanese manufacturers retain hefty earnings while shedding jobs+
TOKYO, Dec. 23 Kyodo - Sixteen top Japanese manufacturers including Toyota Motor Corp. and Canon Inc. built up hefty retained earnings totaling around 33.6 trillion yen at the end of September 2008, double the amount at the end of March 2002 just before the
last phase in an economic upturn, a survey by Kyodo News showed Tuesday.
Since April this year, these companies have shed some 40,000 jobs, many
announced in recent weeks amid the financial crisis, suggesting that they are
retaining earnings from their boom years rather than earmarking them to help
maintain jobs.
In fiscal 2008, they are anticipated to see their net profits drop but many of
them have pledged to pay out shareholder dividends without making any cuts,
with some even eyeing increases.
Labor union officials representing temporary workers -- who have been the chief
target of job cuts -- criticized management for building up profits without
sufficiently supporting workers and for easily cutting jobs when earnings
outlooks started to look grim.
The survey indicated that retained earnings -- basically after-tax income less
dividends -- jumped 98 percent from the end of March 2002, the end of fiscal
2001, at the 16 manufacturers.
Currently, five of them are planning to increase dividends for fiscal 2008,
ending March 2009, while five others are expecting to maintain their dividends
unchanged from a year earlier.
Among the 16, Sony Corp. and Panasonic Corp. -- formerly Matsushita Electric
Industrial Co. -- have so far kept their dividend outlooks unchanged even
though they are now anticipating profit declines.
Some analysts, however, say even these blue chips may well review their
dividend plans, given the fast pace of the economic downturn.
The survey covered six automakers -- Toyota, Nissan Motor Co., Honda Motor Co.,
Mazda Motor Corp., Suzuki Motor Corp. and Isuzu Motors Ltd. -- auto parts maker
Denso Corp., and nine electronics makers -- Canon, Sony, Ricoh Co., Sharp
Corp., Fujitsu Ltd., NEC Corp., Panasonic, Toshiba Corp. and Hitachi Ltd.
==Kyodo
2008-12-23 21:38:23
last phase in an economic upturn, a survey by Kyodo News showed Tuesday.
Since April this year, these companies have shed some 40,000 jobs, many
announced in recent weeks amid the financial crisis, suggesting that they are
retaining earnings from their boom years rather than earmarking them to help
maintain jobs.
In fiscal 2008, they are anticipated to see their net profits drop but many of
them have pledged to pay out shareholder dividends without making any cuts,
with some even eyeing increases.
Labor union officials representing temporary workers -- who have been the chief
target of job cuts -- criticized management for building up profits without
sufficiently supporting workers and for easily cutting jobs when earnings
outlooks started to look grim.
The survey indicated that retained earnings -- basically after-tax income less
dividends -- jumped 98 percent from the end of March 2002, the end of fiscal
2001, at the 16 manufacturers.
Currently, five of them are planning to increase dividends for fiscal 2008,
ending March 2009, while five others are expecting to maintain their dividends
unchanged from a year earlier.
Among the 16, Sony Corp. and Panasonic Corp. -- formerly Matsushita Electric
Industrial Co. -- have so far kept their dividend outlooks unchanged even
though they are now anticipating profit declines.
Some analysts, however, say even these blue chips may well review their
dividend plans, given the fast pace of the economic downturn.
The survey covered six automakers -- Toyota, Nissan Motor Co., Honda Motor Co.,
Mazda Motor Corp., Suzuki Motor Corp. and Isuzu Motors Ltd. -- auto parts maker
Denso Corp., and nine electronics makers -- Canon, Sony, Ricoh Co., Sharp
Corp., Fujitsu Ltd., NEC Corp., Panasonic, Toshiba Corp. and Hitachi Ltd.
==Kyodo
2008-12-23 21:38:23
