Textile manufacturer Toyobo Co on Tuesday said it expects to swing to a group loss in its fiscal year just ended due to a write-off of unrealised losses on securities holdings.

The company said it now sees a net loss of seven billion yen compared to its previous forecast of a five billion yen profit due to a loss of 21 billion yen on its holdings in banks and other listed companies.

It also cut its sales outlook to 373 billion yen from 375 billion yen but upped its pre-tax profit outlook to 10.5 billion yen from 10 billion yen.

For the financial year ended March 2002, Toyobo posted a group net loss of 13.3 billion yen on sales of 383 billion yen.