Fujitsu Ltd. remained in the red in fiscal 2002, posting a consolidated net loss for the second consecutive year after booking a restructuring cost of 151.49 billion yen, the firm reported Friday.
Fujitsu narrowed its group net loss by more than one-third to 122.07 billion yen from 382.54 billion yen the previous year.
The company also announced that Hiroaki Kurokawa, corporate senior vice president, will become president after a shareholders' meeting in June, replacing current president Naoyuki Akikusa.
During Akikusa's five-year tenure, the value of the computer giant's shares plummeted nearly 80 percent. The management reshuffle is seen as an effort to turn the firm around by installing a fresh face at the top.
In fiscal 2002, the company reported a consolidated operating profit of 100.43 billion yen, up from a loss of 74.43 billion yen the previous year. Group sales slipped 7.8 percent to 4.62 billion yen.
A steep decline in investments by telecom carriers and financial institutions dealt a heavy blow to Fujitsu's software and server businesses.
The prolonged IT slump also saw sales by its data transmission system division fall by 42.6 percent.
The company, which trimmed thousands of jobs over the past two years, said its cost-cutting efforts, including 170 billion yen in savings on fixed costs, helped secure an operating profit despite the decline in sales.
Fujitsu pledged to return to profitability for the current year through March 31, 2004, forecasting a group net profit of 30 billion yen. (T.U.)