Fujitsu this week issued a profit warning, specifically blaming poor demand for telecommunications equipment, but joining a growing list of Far East giants suffering from the slump in macro economic conditions.
The Fujitsu Group said, for its fiscal year ending 31 March, 1999, it expected net profit to be Yen20 billion ($170 million) compared to its original prediction of Yen45 billion.
However, by including a one time restructuring charge related to its electronics division, it expects a Yen20 billion loss, its first for five years. Sales would fall to Yen5.25 trillion, from the expected Yen 5.4 trillion, the company said.
Telecomms equipment and in particular mobile phones, had suffered a slump in demand the company said. However, demand for memory products also remains low. The one silver lining - the company expects significant growth from its computer businesses in the coming year.
Recently Toshiba, NEC, NTT and Hitachi have also issued profit warnings. Fujitsu, unlike many of these competitors, is at least predicting it will finish in the black for the next fiscal year.
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