NEC records huge loss

NEC HAS ANNOUNCED an operating loss of $3.05 billion for the year to March due to the global economic downturn.

According to AFP, the outfit said that it was hit by weak demand for electronic devices as well as restructuring costs.

Last year it was making shedloads of cash but saw the writing on the wall and restructured. Some of its losses were as a result of that restructuring.

In a press release the Japanese company said that it expects to return to the black in the current business year, predicting a net profit of $100 million. µ