STOCKHOLM (04/28/2000) - Citing the sluggish domestic economy and slower global IT investments due to year 2000 concerns, Japan's Fujitsu Ltd. today reported flat sales for its fiscal 1999 year, ended March 31.
The Tokyo-based computer and electronics maker still managed to return to profitability, however, eking out net income of 42.7 billion yen (US$396 million) on a consolidated basis, compared to a net loss of 13.6 billion yen for fiscal 1998.
Consolidated revenue reached 5.26 trillion yen, as compared to 5.24 trillion yen in fiscal 1998, Fujitsu said in a statement.
The revenue and net income figures came in below the company's previous estimates of 5.5 trillion yen and 60 billion yen, respectively. [See "Fujitsu Sees Profit Slump in First-Half Fiscal '99," Oct. 27, 1999.]Boosted by strong sales of electronic devices and telecommunications equipment overseas, operating income for the year rose 13 percent to 150 billion yen, Fujitsu said.
The consolidated figures represent those of the parent company as well as its more than 500 subsidiaries and affiliates worldwide, Fujitsu said.
Among Fujitsu's 493 consolidated subsidiaries are ICL PLC, Amdahl Corp., Fujitsu America Inc. and Fujitsu Network Communications Inc., while the list of its 25 affiliates includes companies such as Fanuc Ltd. and Advantest Corp.
Looking forward, Fujitsu said it predicts revenue for fiscal 2000, ending March 31, 2001, to reach 5.75 trillion yen, with operating and net income rising to 310 billion yen and 100 billion yen, respectively.
Fujitsu, in Tokyo, can be reached via the Web at http://www.fujitsu.co.jp/.