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April 22, 2004

Fujitsu lowers full-year earnings target

Computer systems and IT services vendor Fujitsu Ltd has lowered its revenue target and raised its profitability expectations for the full-year period ending March 31, 2004.

By CBR Staff Writer

Tokyo, Japan-based Fujitsu said that it was revising its earlier guidance due to an extraordinary gain from the transfer of part of its employees’ pension plan to the Japanese government, as well as other one-time gains from asset sales. This was balanced by losses from restructuring charges and valuation losses on affiliated companies.

Fujitsu now expects full-year revenue to reach JPY 4.77 trillion ($43.4bn), representing an increase of 16% from its earlier forecast of 4.75 trillion ($43.2bn). Consolidated net profit is expected to grow to JPY 50bn ($455.4m), a rise of 20% from its earlier forecast of JPY 30bn ($273.2m).

However, at an unconsolidated level, and including a loss of JPY 201bn ($1.83bn) relating to losses from North American associate companies, net profit is expected to reach JPY 17bn ($154.8m), a 103% decrease on its previously stated target of JPY 120bn ($1.09bn).

This article is based on material originally published by ComputerWire

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