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Daikyo's chairman, president to step down; company forecasts FY'19 earnings

Daikyo Inc. Chairman Katsutoshi Kadowaki and President Akira Yamaguchi tendered their resignations.

Concurrently with the departure of the two directors, Kazuo Kojima will step in as director, president and representative executive officer of the Japanese real estate developer. The changes are effective June 22.

Kojima has been deputy president and CFO of ORIX Corp. since June 2015.

Separately, Daikyo presented earnings guidance for the fiscal year ending March 31, 2019. For the year, the company expects to register net income attributable to parent company shareholders of ¥14.00 billion, ordinary income of ¥20.50 billion and operating income of ¥22.00 billion.

On an annual basis, the respective figures mark an increase of 1.1% from ¥13.85 billion, 3.6% from ¥19.79 billion and 9.0% from ¥20.17 billion.

As of May 10, US$1 was equivalent to ¥109.58.