Saizeriya to post ¥5.8 billion loss

Italian restaurant chain Saizeriya Co. said Tuesday it expects to post a group net loss of ¥5.8 billion instead of an earlier projected profit of ¥4.2 billion for the business year ending in August.

The projected loss represents a sharp deterioration from its ¥4.01 billion profit last year.

The revised earnings forecast comes after the company reported ¥15.31 billion in losses from the cancellation of derivatives transactions in December.

The chain is expecting group sales of ¥86.5 billion this year against an earlier estimate of ¥87 billion.

For the first half of the year, Saizeriya said it will incur a group net loss of ¥8.8 billion instead of an earlier estimated profit of ¥1.3 billion.