Fujitsu reports loss as sales decline

But Japanese IT firm is in bullish mood and increases forecast for full year

Fujitsu is predicting record profits for 2011

Fujitsu has reported an 11 per cent drop in first-quarter revenue to 1,044bn yen (£6.7bn), and a loss of 29.1bn yen (£186m) compared to a 0.3bn yen profit in the same period last year.

The Japanese IT giant pointed to sales declines in Japan, the Americas, and Asia-Pacific/China, but said that revenue in the Europe, Middle East and Africa region grew 38 per cent as the firm took full ownership of Fujitsu Siemens Computers, formerly a joint venture with Siemens.

But despite the losses and slowing growth, Fujitsu is optimistic for the rest of its financial year and raised its annual revenue and profit forecasts, predicting 4,280bn yen annual sales and net income of 25bn yen.

"We're gearing up to achieve record profits in fiscal 2011 as part of the new medium-term business plan starting this year," said Kuniaki Nozoe, president of Fujitsu.

"Raising our earnings projections for fiscal 2009 puts us a step closer to achieving this. The core goal of our business plan is completing a strategic transformation into a global IT products and services company that can consistently deliver value to our customers and profits to our shareholders."