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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (61963)	3/13/2002 12:13:52 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Furukawa Electric Changes Forecast to Loss on Stock Market Fall By Miki Anzai quote.bloomberg.com Tokyo, March 13 (Bloomberg) -- Furukawa Electric Co., the world's biggest maker of lasers used to speed data along fiber- optic lines, reversed its profit forecast for this fiscal year to a loss in part because of a decline in Japanese stocks in its investment portfolio. Furukawa now expects a group net loss of 2.6 billion yen ($20.1 million) in its fiscal year through March 31, compared with the previous profit forecast of 12.4 billion yen. For the year before, the Tokyo-based company posted a group net income of 167.4 billion yen. The company said it expects a loss to account for a decline in the value of its stockholding. The company is also hurting from weak global demand for telecommunications services, it said in a press release. Sales are expected to be 765 billion yen, 3.4 percent below the company's previous forecast. Furukawa shares fell as much s 8.7 percent, or 66 yen, to 692. The stock most recently changed hands at 705.