Furukawa Electric Co. said Wednesday it expects to fall into the red in fiscal 2001 as the slump in information technology businesses in North America affected sales of the company's fiber-optic products.
Furukawa said it expects to post a consolidated net loss of 2.6 billion yen in the year ending March 31, a sharp turnaround from the 12.4 billion yen profit it projected last November.
Business slumps at Furukawa subsidiaries and appraisal losses of its shareholdings also pushed down the company's earnings, it said.
Its pretax profit is expected to be 5 billion yen, down from the initial projection of 19.4 billion yen on sales of 765 billion yen, down from 791.8 billion yen.
On a parent-only basis, Furukawa expects to log a net loss of 6 billion yen, down from a break-even projection.
Its pretax profit is expected at 5 billion yen, down from the initial projection of 8.5 billion yen, on sales of 462 billion yen, down from 476 billion yen.