TOKYO — Shiseido Co., Ltd revised its net profits projection upward by 8.7 percent for fiscal 2004, partly as a result of a reduction in the amount it pays into its employee pension fund.

The extraordinary income deriving from the pension fund changes will be partially offset by expenses entailed in a group restructuring. As a result, projected net income will be $238.1 million, or 25 billion yen, which is $19.1 million, or 2 billion yen, higher than the previous forecast. For fiscal 2003, the cosmetics company earned consolidated net income of $233.3 million, or 24.5 billion yen. Dollar figures were converted at current exchange rate.

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