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Shiseido forecast

This article was originally published in The Rose Sheet

Executive Summary

Consolidated net income for fiscal 2004 (ended March 31) will be $235.1 mil. (¥1=$.01), about 8.7% higher than originally forecast after company receives approval from Japanese Minister of Health, Labor and Welfare for return of a portion of employees' pension fund, company announces. Extraordinary income derived from the return will be "partially offset by expenses entailed in structural reform of businesses," Japanese cosmetics firm says. Net sales are expected to be about 1.1% lower to $5.96 bil. Exemption from future payment obligations for a portion of employee's pension fund was granted by the agency on Feb. 25, Shiseido notes...

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