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ASKUL Corp to Merge with Subsidiary; Amends Consolidated Mid-year Forecast for FY 2013
ASKUL Corp announced that it has decided to merge with a wholly owned subsidiary, which is engaged in mail-order sales through Internet for individuals, effective February 21, 2013. The Company will be the surviving company and the subsidiary will be dissolved. The Company has lowered the consolidated mid-year forecast for revenue from JPY 111,000million to JPY 109,736 million, but raised the forecast for operating profit from JPY 3,200 million to JPY 3,550 million, ordinary profit from JPY 3,200 million to JPY 3,550 million, net profit from JPY 1,400 million to JPY 1,850 million and earning per share from JPY 25.89 to JPY 34.22 for the fiscal year ending May 20, 2013. The Company lowered the consolidated mid-year outlook due to cost cutting.
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