Furukawa Electric to Increase Profit in Overseas Market

Furukawa Electric increases overseas sales by 2 percentage points to 33% of total sales in fiscal 2010 started April from fiscal 2009, announced on Monday. The firm aims to increase the sales of high voltage electric cable for infrastructure development in emerging countries in Asia.

Furukawa Electric plans to increase the consolidated recurring profit by 39.6% to 27 billion yen with 11.2% higher sales at 900 billion yen in fiscal 2010 from fiscal 2009. The firm plans to increase the high voltage electric cable output in China. The energy and industrial products business unit plans to increase the operating profit by 35% to 5 billion yen with 16% higher sales at 241.5 billion yen.

The firm expects the shipment in fiscal 2010 will be high level as April-September 2008 for liquid crystal panel television, semiconductor and automobile industry, which includes copper strip, copper foil and aluminium blank material. The copper strip and copper tube shipment in fiscal 2010 will recover around 80% of first half of fiscal 2008 level. The shipment was around 75% in the second half of fiscal 2009 compared with the level in first half of fiscal 2008.