ISUZU:Isuzu Revises FY2003 Forecast of Losses due to Revaluation of Securities

2003

TRANSLATION

May 15, 2003

Isuzu Revises FY2003 Forecast
of Losses due to Revaluation of Securities

Isuzu Motors Limited (T. 7202) announced today that it became necessary to post losses in fiscal year ended March 2003 (FY2003) due to revaluation of stock portfolio, an item collectively classified as "other securities", whose market prices decreased significantly during the term and recovery in valuation cannot be expected.

1. Aggregate amount of losses due to revaluation of securities in FY2003

(Unit: Millions of Yen)

Parent

Consolidated

(A) Aggregate amount of losses due to
revaluation of securities in FY2003

4,941

5,088

(B) Net assets in FY2002 (A/B x 100)

159,062

(3.1%)

61,084

(8.3%)

2,123

(232.7%)

1,984

(-)

(D) Net income in FY2002 (A/D x 100)

(56,224)

(-)

(42,991)

(-)

(Note: Isuzu closes fiscal year on March 31)

2. Earnings forecast

(Note: Company's forecast of FY2003 financial results, as announced on May 15, 2003, and FY2002 results)

(Unit: Millions of Yen)

		Sales revenue	Working profit (loss)	Net income (loss)
Parent company:
	FY2003 forecast	760,600	4,900	189,400
	FY2002 results	761,904	2,123	56,224
Consolidated
	FY2003 forecast	1,349,400	4,200	144,300
	FY2002 results	1,597,701	1,984	42,991

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Note: This is an English translation from the original release in Japanese.