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Takes Group Ltd Announces Split and Transfer of Business in Subsidiary; Expects Extraordinary Profit and Amends Full-year Consolidated Outlook for FY 2014

Thursday, 13 Jun 2013 12:30am EDT 

Takes Group Ltd announced that it will split the business in a China-based subsidiary and transfer the carpentry manufacture and sales business to a new wholly owned subsidiary to be established in Shenyang, China, in late June 2013. After that, the Company will sell a 100% stake in the new subsidiary to two individuals Liu Qin and Fu Guirong, for JPY 112,575,000 in total in late June 2013. As a result, the Company expects the extraordinary profit of approximately JPY 79 million for gain on sale of shares in affiliated company, for the fiscal year ending February 28, 2014. The Company announced that it has reaffirmed its full-year consolidated outlook for revenue of JPY 5,269 million, operating profit of JPY 155 million, ordinary profit of JPY 71 million, and raised its full-year consolidated outlook for net profit from JPY 28 million to JPY 107 million, and earnings per share from JPY 0.40 to JPY 1.51, for the fiscal year ending February 28, 2014, due to the extraordinary profit for on sale of shares in affiliated company. 

Company Quote

-1.0 -2.33%
21 Aug 2014