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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (63955)	5/23/2002 3:11:55 AM
From: StanX Long	Read Replies (1) of 70976

Furukawa Electric posts loss but worse to come By Eriko Amaha sg.news.yahoo.com TOKYO (Reuters) - Furukawa Electric Co Ltd, the world's second-largest fibre-optics maker, reported its first annual net loss in 19 years on Monday and forecast a bigger one this business year as its struggling U.S. unit dents profits. Furukawa logged a group net loss of 3.38 billion yen ($26.85 million) for the year that ended on March 31, after a record profit of 167.4 billion a year earlier. Furukawa's group sales sagged 6.7 percent to 771.41 billion yen in the latest year. Without the poor performance of its U.S. fibre-cable division, which it purchased from Lucent Technologies Inc , Furukawa would have posted a net profit of 16.2 billion yen on 763.9 billion yen in sales. "Furukawa managed to generate profits in the business it has a firm grip on. It's the new division that is dragging on it," said Takashi Murata, analyst at Daiwa Institute of Research. "The Lucent division has long-term potential but it will likely weigh on Furukawa in the short term," he added. Faced with the lingering global telecoms slump, Furukawa said it expected a net loss of 49 billion yen ($389 million) on 810 billion yen in revenue for the year to March 2003.

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