Akebono Brake Under Reconstruction April-June Financial Results 2nd Consecutive Last Deficit August 6 20:35
The automaker, Akebono Brake Industry, which is undergoing restructuring, and its financial results for the three months up to June were in the red for the second consecutive year due to a decrease in orders in the main US. The company plans to put together a rehabilitation plan based on fund investment and waiver of receivables next month.
As a result of the announcement by Akebono Brake, the financial results for the three months from April to June were 16 billion yen lower than the same period of the previous year, and the final loss was 8.8 billion yen.
The net loss is the second consecutive year.
This was mainly due to the recording of an extraordinary loss of 7.8 billion yen as recall-related expenses in addition to a decrease in orders from American manufacturers, which were our main business partners.
In this fiscal year, Akebono Brake has surpassed its assets by more than 400 million yen.
Akebono Brake is in a meeting to be held next month and is discussing with the financial institution of the company in the hope that it will receive a 20 billion yen investment from the fund and decide on a rehabilitation plan based on the abandonment of claims.
Yoshimasa Kanno CFO = Chief Financial Officer said at the press conference, “If we have a rehabilitation plan, we believe we can get over debt.