TOKYO :Japanese electric motor maker Nidec Corp slashed its full-year operating profit forecast by nearly half on Tuesday as it faced pressure from weakening demand for technology goods and a slower-than-expected recovery of the global car industry.
That was worse than expectations for a full-year operating profit of 202.5 billion yen based on estimates from 20 analysts, Refinitiv data showed. The decline was partly due to structural reform expenses that shaved off 11 billion yen from the quarterly operating profit, mostly in the automotive business where the firm seeks to capture share of the global electric vehicle market.
The company aims to achieve a v-shaped recovery by cutting back on fixed costs, Hagiwara said, adding that it also made such a move in response to Japan's massive earthquake and tsunami of 2011 and the 2008 global financial crisis.
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