Japanese electronics maker Fujitsu returned to profitability in the third quarter to December, lifted by an upturn in global IT demand.
The firm, which has a major facility on Birmingham Business Park, posted net profit of 3.4 billion (£163.4 million), reversing the net loss of 9.6 billion yen (£461.5 million) the year earlier.
Operating profit rose to 12.6 billion (£605.7 million) from 4.8 billion yen (£230.7 million) previously, while revenue increased by about 7.5 per cent to 1.12 trillion yen (£5.3 billion).
Fujitsu chief financial officer Masamichi Ogura said earnings in the quarter were boosted by increased IT spending by foreign makers and emerging IT demand from domestic players led by finance and telecom firms.
As a result, its electronics devices segment booked operating profit of 9.4 billion yen (£451.9 million) in the third quarter compared to 300 million yen (£1.44 million) the previous year, while profit from its Ubiquitous Systems Group, covering HDDs (hard disc drives), expanded by 28 per cent to 5.9 billion yen (£283.6 million).
"Sales of the loss-making flat panel business to Hitachi significantly contributed to major improvement in our profitability," Mr Ogura said.
Fujitsu also cited the impact of previous cost cuts as a key growth driver, as the ratio of sales, general and administrative costs to sales declined to 23.9 per cent from 25.2 per cent a year earlier.