Business » Corporate
Japan's NEC sees losses narrow for first half
Japanese high-tech giant NEC said Thursday its net loss narrowed to $145 million for the six months to September due to cost-cutting efforts.
The company's net loss shrank to 11.0 billion yen in the first half of the fiscal year to March 2012 from 27.0 billion yen for the same period last year.
Operating profit rose to 6.8 billion yen from 1.1 billion yen, while sales were down 1.8 per cent at 1.44 trillion yen.
NEC, which provides technology services and makes computers and electronic devices, said the operating profit gain was "mainly due to an improved cost percentage and streamlined selling, general and administrative expenses."
NEC also said sales of subsidiaries' stocks contributed to the loss contraction.
NEC revised downward its sales forecast for the full year to March to 3.25 trillion yen from its earlier estimate of 3.3 trillion yen, while leaving its net profit forecast unchanged at 15 billion yen.
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Nguyen Khac Tho, deputy head of the General Department of Energy, told Tuoi Tre that state-run coal giant Vinacomin has to export coal in order to obtain capital for operation, despite the fact that the country will have to begin importing coal in 2015.
