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October 20, 2008

Benesse Profits 37% Down

Education giant Benesse Corporation, which has revenues in the billions of dollars, said Friday that it expects consolidated net profit for the fiscal first half ended Sept. 30 to fall 37% on the year to 9.3 billion yen because the value of shares bought through an acquisition fell sharply.

The company, famous for its correspondence courses, will post an extraordinary loss of 7.6 billion yen for the amortization of goodwill because the stock price of subsidiary Tokyo Individualized Educational Institute Inc. (4745) plunged about 60%

Benesse is still in the process of forecasting profits for the full fiscal year through March 31. Many English-related companies have seen their stock prices fall dramatically over the last 18 months, with companies such as ALC having lost 90% of their market capitalization since going public.

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