NEC's profit more than doubles on mobile phone, chip sector recovery

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May 15

2008

Posted by Tomoko in Untagged

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TOKYO (AP) -- NEC Corp.'s profit for the fiscal year through March more than doubled from the previous year as the Japanese electronics maker's mobile phone and computer-chip businesses swung to profit.

NEC, which did not provide numbers for the quarter, reported Thursday a 22.68 billion yen (US$216 million) profit for the fiscal year ended March 31 -- a dramatic rise from 9.13 billion yen profit the previous year.

Fiscal year sales inched down 0.8 percent to 4.617 trillion yen (US$44 billion) from 4.653 trillion yen.

The Tokyo-based maker of computer and network equipment is projecting a continuing recovery for the fiscal year through March 2009.

NEC expects profit for the year to surge 54 percent to 35 billion yen (US$333.3 million) and sales to climb 4 percent to 4.8 trillion yen (US$45.7 billion).

NEC shares rose 5 percent to 551 yen (US$5.2) Thursday in Tokyo. Earnings were announced shortly after trading ended.

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