Fuji TV Posts 50% Profit Fall on Heavy Loss on Livedoor Share Sale
Posted on: Thursday, 18 May 2006, 12:04 CDT
By Kyodo News International, Tokyo
May 18--TOKYO -- Fuji Television Network Inc. said Thursday its group net profit in fiscal 2005 plunged 50.3 percent from the previous year to 11.35 billion yen due primarily to a heavy loss on the sale of equity shares in Livedoor Co.
Fuji bought a 12.74 percent stake in Livedoor to amicably end its battle with the Internet company to gain control over radio broadcaster Nippon Broadcasting System Inc. last year, but Livedoor shares' sharp fall and delisting earlier this year prompted Fuji to sell the stake at a loss.
Livedoor share prices nose-dived from January as its President Takafumi Horie and other executives were suspected of having falsified financial statements. Fuji sold the Livedoor stake to Yasuhide Uno, president of cable TV broadcaster Usen Corp.
Fuji's consolidated sales in fiscal 2005 that ended March 31 scored a substantial gain of 24.5 percent to 593.49 billion yen as Nippon Broadcasting and its affiliates became Fuji's consolidated subsidiaries.
The TV broadcasting division alone boosted its sales 1.5 percent to a record 381.56 billion yen as Fuji achieved the highest audience ratings in all time zones.
Fuji's group pretax profit grew 13.2 percent to 50.34 billion yen.
Fuji lowered its dividend payout for fiscal 2005 to 4,000 yen per share from 5,000 yen in the previous year.
For the current fiscal year, Fuji TV expects to more than double its group net profit to 24.7 billion yen, although sales are estimated to fall 3.8 percent to 571.1 billion yen.
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Source: Kyodo News International, Tokyo
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