Fujitsu Ltd. said Friday it returned to the black in fiscal 2009 with a group net profit of ¥93.09 billion, rebounding from the previous year's loss of ¥112.39 billion on cost-cutting efforts and one-time gains on sales of stockholdings.
For the financial year ended in March, Fujitsu also reported an operating profit of ¥94.37 billion, up 37.2 percent from the previous year. But sales dropped an unexpected 0.3 percent to ¥4.68 trillion as companies cut back on spending for server-related products due to sluggish economic conditions.
The computer services firm returned to profitability after carrying out restructuring measures at its operations for large-scale system integrated circuits and sold its hard disk drive businesses to Toshiba Corp.
"We expect demand to recover from the latter half of fiscal 2010," Fujitsu Chief Financial Officer Kazuhiko Kato said at a news conference in Tokyo.
Looking ahead, the company said it expects its operating profit to nearly double to ¥185 billion in fiscal 2010, but fell short of its earlier ¥200 billion target unveiled last summer.