TCM Corporation has slashed its estimated group net profit from JPY2.2 billion to JPY330 million for the year ended March 31.

The forklift maker, affiliated with Hitachi Zosen Corporation, also reduced its sales forecast from JPY81 billion, forecast in November, to JPY75.5 billion, according to the Jiji Press.

TCM would report a JPY1.22 billion loss on shares, whose values had dropped during the year, hurting its consolidated bottom line, the company said.

For the 2002 financial year, which started on April 1, TCM said it expected a group net profit of JPY2.05 billion and sales of JPY78 billion.