TOKYO : Shares in Japan's Nidec Corp slumped as much as 7 per cent on Wednesday morning in Tokyo after the electric motor maker nearly halved its full-year profit forecast on a slow recovery of the car industry and due to expenses from a restructuring push.After markets closed on Tuesday, the company anno
TOKYO : Shares in Japan's Nidec Corp slumped as much as 7 per cent on Wednesday morning in Tokyo after the electric motor maker nearly halved its full-year profit forecast on a slow recovery of the car industry and due to expenses from a restructuring push.
After markets closed on Tuesday, the company announced a 48 per cent cut to its operating profit forecast for the financial year through March to 110 billion yen , well below analysts expectations. The third-quarter result, which saw the Kyoto-based firm report an operating profit of 28 billion yen, down 37 per cent from a year earlier, delivered investors a negative surprise, said Kazuyoshi Saito, senior analyst at Iwai Cosmo Securities.
"While profitability is likely to return next quarter after the company's restructuring costs disappear, there's uncertainty in external and macroeconomic conditions," he said.Nidec faces weakening demand in the tech sector due to a downturn in the personal computer and data centre market. A company executive said on Tuesday that the downward cycle may continue until June.
The company's share price has declined almost 50 per cent from early last year. Shares traded at 7,114 yen on Wednesday, last down 5.8 per cent on the day but still holding above a 2-1/2 year low of 6,658 yen hit on Jan. 4.
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Japan's Nidec slashes full-year operating profit forecast on weak demandTOKYO : Japanese electric motor maker Nidec Corp slashed its full-year operating profit forecast by nearly half on Tuesday as it faced pressure from weakening demand for technology goods and a slower-than-expected recovery of the global car industry.The company cut its operating profit forecast for the fi
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