Furukawa Electric Co Ltd Lowers Consolidated Full-year Outlook for FY Ending March 31, 2013; to Apply for Delisting Shares from Osaka Securities Exchange

Thursday, 1 Nov 2012 02:00am EDT 

Furukawa Electric Co Ltd announced that it has lowered its consolidated full-year outlook for revenue from JPY 980,000 million to JPY 950,000 million, operating profit from JPY 25,000 million to JPY 20,000 million, ordinary profit from JPY 23,500 million to JPY 17,500 million, net profit from JPY 9,000 million to JPY 2,000 million and earning per share from JPY 12.75 to JPY 2.83 for the fiscal year ending March 31, 2013. This is due to the influence of the financial crisis, as well as the recording of loss on business restructuring. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full-year revenue of JPY 972.92 billion and net profit of JPY 8.53 billion. The Company also announced that it decided to apply for delisting from the Osaka Securities Exchange due to the listing on the Tokyo Stock Exchange. The application will be submitted on November 2, 2012. 

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