Fuji Photo Film Co. announced Tuesday a 38.9 percent jump in group net profit in fiscal 2000 from the preceding year to 117.90 billion yen, boosted mainly by appraisal profit in stockholdings that it transferred to its pension fund. The group’s pretax profit rose 45.8 percent to 197.33 billion yen in the year, which ended March 31.
The nation’s leading film maker said the profits were posted on sales of 1.44 trillion yen, up 2.8 percent, supported by healthy increases in overseas sales, particularly in the North American market.
During the year, Fuji Photo said it wrote off in its parent-only account a shortfall of some 56.1 billion yen in pension and retirement reserves.
To cover the loss it transferred stockholdings at the same value as the loss to its pension fund.
On the consolidated account, however, calculated in compliance with U.S. accounting rules, the one-time writeoff of pension-reserve shortfalls cannot be reported, while the stock transfer should be reported as an appraisal profit.
On a parent-only basis, Fuji Photo posted a pretax profit of 110.83 billion yen, up 7.5 percent, and net profit of 63.15 billion yen, up 6.8 percent, on sales of 849.15 billion yen, up 3.9 percent.
For the current fiscal year that began April 1, Fuji Photo projects a consolidated net profit of 100 billion yen and pretax profit of 191 billion yen on sales of 2.57 trillion yen.
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