GEC sees upturn, gets takeover approval

Article Abstract:

General Electric Co. PLC (GEC) posted higher-than-expected results for the year ending on March 31, 1999. The company also received approval in the UK for its planned $4.5 billion acquisition of FORE Systems Inc. GEC must still gain US regulatory approval of the deal. The company reported a 20% increase in annual operating profits to 940 million pound sterling (1.44 billion euros) before exceptional items and goodwill amortization. GEC's pretax profits increased from 879 million pounds to 1.504 billion.

Comment:

Posts higher-than-expected results for year ending March 31, 1999

United Kingdom, Electrical equipment and supplies industry, Electric equipment industry, Finance, General Electric Company PLC

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NEC, Toshiba expect losses for year; revisions highlight strains on firms

Article Abstract:

NEC Corp. and Toshiba Corp. both announced that they are expecting to post major losses for the fiscal year ending on March 31, 1999. The announcement reflects the damage being caused by the Japanese recession and by unstable global markets. NEC said it would post a loss of 150 billion yen ($1.25 billion) in net earnings. Toshiba said it will post a net consolidated loss of 20 billion yen. Both companies' loss figures were considerably higher than expected.

Comment:

NEC and Toshiba announced they are expecting to post major losses for the fiscal year ending on March 31, 1999

Japan, ELECTRONIC & OTHER ELECTRIC EQUIPMENT, Other Electrical Equipment and Component Manufacturing, Electronics, Electronic Components and Accessories, Toshiba Corp., Abstract, NEC Corp.

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