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Furukawa Electric Lifts H1 Profit Forecast Following Sale of Investment Securities

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Furukawa Electric (TYO:5801) has raised its consolidated attributable profit for the fiscal first half, following the sale of a portion of its investment securities holdings.

It expects to recognize a 22 billion yen gain on sale of investment securities as extraordinary income in the fiscal second quarter, from the planned Sept. 25 sale of one listed security, UACJ, for 28.6 billion yen.

As a result, the forecast for profit attributable to owners of the parent was raised to 58 billion yen from 42.5 billion yen, while net sales, operating profit, and ordinary profit remained unchanged.

The gain was originally expected in or after the third quarter, but the timing was advanced after considering market conditions and share price trends.

What else is happening in Asia?

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