TOKYO—Fujitsu, a leading communications vender in Japan, announced it is expecting to have a 310 billion yen (US$2.5 billion) net loss for fiscal year (FY) 2001, ending March 2002, due to reduced sales in its communications and semiconductor businesses.
To cope with the critical situation, the firm is going to cut its work force by 21,000 by the end of March 2002, 4,600 up from its initial plan. To promote its drastic restructuring program, Fujitsu is going to report a 350 billion yen (US$2.8 billion) special loss for FY 2001.
Taking responsibilities for the bad performance, Fujitsu executives will not be paid bonuses at the end of this year and will have a 50-percent reduction of their executive allowances from November.
