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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (851)	3/30/2001 3:24:49 PM
From: ms.smartest.person	Read Replies (1) of 2248

CyberWorks Japan to Close Some Units, Fire Staff to Save Money By Cathy Chan Hong Kong, March 30 (Bloomberg) -- Pacific Century CyberWorks Japan Co., a computer game unit of Hong Kong's biggest phone company, said it will close some businesses to save about 1.2 billion yen ($9.6 million) over the next 12 months. CyberWorks Japan will shut its arcade game plant and aquarium store tomorrow, and close its five Tokyo video-game arcades on April 30. The company plans to shed 150 staff by April 9 through a voluntary retirement plan to cost about $4.4 million. ``The move comes in response to increasingly adverse economic conditions in the arcade game industry,'' the company said in a statement. It has ``formed a plan designed to combat losses, totaling 3 billion yen'' over the last three years. The cutbacks come two days after Pacific Century CyberWorks Ltd., the parent of CyberWorks Japan, said it lost $886 million in 2000 in part because of higher interest costs and the lower value of its investments in other Internet companies CyberWorks Japan said it will make its first profit, of 20 million yen, this year after closing the unprofitable arcade businesses. Its sales will be 3 billion yen from businesses such as online entertainment, said company spokeswoman Marie Cairney. At the same time, Pacific Century CyberWorks of Hong Kong said it bought Yamaichi Securities Co.'s remaining 1.8 million shares in CyberWorks Japan for 882 million yen on March 8. Shares in CyberWorks Japan rose 0.6 percent to 490 yen. CyberWorks Hong Kong stock fell 5.4 percent to HK$3.075. quote.bloomberg.com

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