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NEC Corp. Slips To Loss In Q1 On Weak Revenues; Backs FY Forecast

Japanese IT and network technologies provider NEC Corp. (NIPNF.PK) reported Friday that its first-quarter net loss attributable to owners of the parent was 5 billion yen or 19.27 yen per share, compared to last year's profit of 3.27 billion yen or 12.57 yen per share.

Adjusted attributable net loss was 2.25 billion yen or 8.68 yen per share, compared to prior year's profit of 5.88 billion yen or 22.64 yen per share.

Operating loss was 10.27 billion yen, compared to profit of 3.38 billion yen in the previous year.

Quarterly revenue was 587.73 billion yen, down from 10.1 percent from 653.86 billion yen last year.

For the year ending March 31, 2021, the company continues to expect attributable net income of 90 billion yen, down 10 percent from last year, and adjusted net income of 99 billion yen.

Operating profit is expected to be 150 billion yen, up 17.5 percent from last year, and revenues are expected to be 3.03 trillion yen, down 2.1 percent from last year.

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