The operating loss was an improvement over April projections. Fujitsu is keeping the full-year projections unchanged.
Net sales were 999.2 billion yen (US$10,093 million) for the first quarter of fiscal 2013, an increase of 4.4% from the first quarter of fiscal 2012. Sales in Japan declined by 5.7%. Sales of system integration services rose, but mobile phone and PC sales declined. Sales outside Japan rose 22.8%.
On a constant currency basis, sales rose by 3%. Sales increased largely because of a recovery in demand for optical transmission systems in North America, as well as higher sales of LSI devices and electronic components. The impact of foreign exchange fluctuations for the first quarter was to increase net sales by approximately 65.0 billion yen.
Gross profit was 259.6 billion yen, an increase of 8.9 billion yen from the first quarter of fiscal 2012. Selling, general and administrative expenses were 282.4 billion yen, an increase of 5.0 billion yen from the first quarter of fiscal 2012, primarily as a result of yen depreciation.
Fujitsu recorded an operating loss of 22.8 billion yen (US$230 million), an improvement of 3.9 billion yen from last fiscal year's first quarter.
"We are beginning to see a positive impact of structural reforms in the LSI business and businesses outside Japan as well as various workforce-related measures and progress in streamlining corporate headquarter functions," commented Masami Yamamoto, President of Fujitsu Limited. "We will continue to pursue aggressive structural reforms to achieve profitable growth for this fiscal year and years forward."
The Fujitsu Group's consolidated subsidiaries outside of Japan, which have adopted International Financial Reporting Standards (IFRS), have also adopted the amended IAS 19 Employee Benefits.
As a result, for comparison figures, we have retroactively revised the financial statement figures stated for fiscal 2012. Compared to the amounts prior to the retroactive application, the amounts in the first quarter of fiscal 2012 for operating income, income before income taxes and minority interests, and net income have all been reduced by 1696 million yen.
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