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TDK posts 15 bil. yen loss on Russia-linked bonds+.

TOKYO, Dec. 22 Kyodo TDK Corp. said Tuesday it has incurred a loss of some 15 billion yen on its holding of Euroyen bonds linked to Russian government bonds. The loss occurred on 16.3 billion yen in the Euroyen bonds held by TDK as a result of Russia's decision to postpone the buyback of the government bonds, the leading Japanese maker of magnetic tapes said. Though TDK will post the 15 billion yen as an extraordinary loss on its results for fiscal 1998 through next March, the company intends to keep its unconsolidated net profit forecast of 25 billion yen unchanged, as it will offset the loss with a profit from the sale of other securities.
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Comment:TDK posts 15 bil. yen loss on Russia-linked bonds+.
Publication:Japan Weekly Monitor
Geographic Code:4EXRU
Date:Dec 28, 1998
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