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Technology Stocks : Optical Communication Products Inc - OCPI
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To: D. K. G. who started this subject11/6/2000 11:22:25 PM
From: GOPbabe   of 131
 
Interesting read.

Cheers,

Merylee

Furukawa sees Y4bln latent profit from IPO
TOKYO, Nov 6 (Reuters) - Japan's top optical fibre cable maker Furukawa Electric Co Ltd said on Monday that an initial public offering by its U.S.-based affiliate would boost its group net profit for this business year by four billion yen.

Telecommunications equipment maker Optical Communications Products Inc. (OCP) , in which Furukawa owns 63 percent, raised $115.5 million by selling 10.5 million shares at $11 per share in last Thursday's initial public offering (IPO).

Furukawa said that made for seven billion yen latent profit on its 66 million shares in OCP, boosting the Japanese maker's group net profit by four billion yen from an earlier estimate of 151 billion yen for the current business year to next March.

That October forecast was a revision from 66 billion yen and against a profit of 35 billion yen a year earlier.

The company is due to announce half-year results on Tuesday.

Furukawa added it has no plan to sell shares in OCP, a maker of hardware used in fiber optic networks and high-speed corporate networks, for the time being.

Shares in Furukawa were up 5.25 percent at 3,210 yen as of 0115 GMT, against a 1.32 percent rise in the Tokyo Stock Exchange's benchmark Nikkei 225 average.
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