But with reinsurance prices rising, particularly for UK commercial motor insurance, he expects to return to a "good level of profitability" this year.
"In the short run," he added, "I expect a dampening of profits, but on the positive side, with the enhanced oversight we anticipate a more steady level of profitability".
"The rating action reflects the ongoing low level of profitability evident at Toyota, and which we expect to continue for an extended period," said Tadashi Usui, a senior analyst at Moody's, in a note announcing the downgrade.
Analysts expect FSI will earn $1.16 per share in its current fiscal year (ending August 2001), a level of profitability it has not seen since 1996.
In particular, we have seen no evidence that he disclosed Kopper's role in Chewco or LJM2, or the level of profitability of the LJM partnerships (and his personal and family interests in those profits), which far exceeded what he had led the Board to expect.
The industry as a whole is likely to settle at a much lower level of profitability.
"Physicians in urban areas would probably not accept their level of profitability, their salary level," said Mr. Austin, the hospital administrator.
Even if you ignore the one-off items, the worrying thing is the poor level of profitability".
Someday it will get back to that level of profitability.
Maintaining such a high level of profitability looks like a tough task for Exxon.
This entails a low level of profitability, limited investments, and limited innovation capabilities.
