NEC Corp. Thursday reported a net loss of $204 million (24.5 billion yen) for the fiscal year ended March 31, compared to a $2.6 billion loss for the previous year. Sales totaled $39.12 billion (4,695 billion yen) for the fiscal year, an 8% decline from the previous 12 month period.
NEC attributed the loss to its semiconductor affiliate and to a write down of deferred income tax due to a new corporate activity tax.
For the current fiscal year, NEC is projecting sales of $40 billion. Net income is forecast to reach $275 million, with a $25 million net profit in the first fiscal half and $250 million in the second half.
In a breakdown by business segments, the electron devices unit last fiscal year had sales of $7.8 billion, up 11% from the previous year, with an operating loss of $18 million, compared with a loss of $1.2 billion in the previous 12 months.
The Network Solutions Business had sales of $13.16 billion, down 20% from the previous fiscal year, with an operating profit of $285 million. The IT Solutions Business unit had sales of $17.35 billion, down 6%, with an operating profit of $882 million.