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ARRK Corp Lowers Consolidated Full-year Forecast for FY 2013; to Sell Subsidiaries and Sub-subsidiaries

Wednesday, 5 Dec 2012 05:00am EST 

ARRK Corp announced that it has lowered the consolidated full-year forecast for revenue from JPY 102,000 million to JPY 81,000 million, operating profit from JPY 7,100 million to JPY 4,900 million, ordinary profit from JPY 6,100 million to JPY 4,600 million, net profit from JPY 4,100 million to JPY 400 million and earning per share from JPY 37.08 to JPY 3.62 for the fiscal year ending March 31, 2013. The Company lowered the consolidated full-year outlook due to sale of subsidiaries. The Company has decided to sell 100% stakes in a wholly owned subsidiary, Plakor Co., Ltd., a subsidiary of Plakor and another subsidiary, Najeon Co., Ltd., to Sambo Holdings Co., Ltd., in late January 2013. The Company has also decided to sell 51% stakes in Kunshan ARRK Shangent Mold Co., Ltd. and Kunshan Chem Tech Electronics Co., Ltd., which are two subsidiaries of a wholly owned subsidiary of the Company, to two individuals, for RMB 15,999,000 and RMB 5,555,000, respectively, in late January 2013. 

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