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OKWave to sell shares in subsidiary and lowers mid-year and full-year consolidated outlook for FY 2014


Tuesday, 28 Jan 2014 06:35am EST 

OKWave:Says to sell 25,000 shares in a subsidiary, which is operating social music media OKMusic, to a Japan-based company.Says the company will hold 8,000 shares (12.8 pct stake) in the target company, down from 33,000 shares (65.5 pct stake).Sees extraordinary profit of approximately 225 million yen caused by gain on sale of shares in subsidiary, for the fiscal year ending Mar. 31, 2014.Sees lowered mid-year and full-year consolidated outlook for fiscal year ending June 30, 2014.Sees mid-year revenue of 1,610 million yen lowered from 1,884 million yen.Sees mid-year operating profit (loss) of (230 million) yen lowered from (133 million) yen.Sees mid-year ordinary profit (loss) of (225 million) yen lowered from (133 million) yen.Sees mid-year net profit (loss) of (190 million) yen lowered from (133 million) yen.Sees mid-year earnings (loss) per share of (22.06) yen lowered from (15.45) yen.Sees full-year revenue of 3,400 million yen lowered from 4,435 million yen.Sees full-year operating profit (loss) of (160 million) yen lowered from 235 million yen.Sees full-year ordinary profit (loss) of (150 million) yen lowered from 235 million yen.Sees full-year net profit (loss) of 12 million yen lowered from 198 million yen.Sees full-year earnings (loss) per share of 1.39 yen lowered from 23.01 yen.Says outlook lowered due to decrease in advertisement price for social media business, delay in launch of new service and shrinking optical line sales market. 

Company Quote

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19 Dec 2014