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Casio Revises Downward Fiscal 6-Mo, 12-Mo Earnings

9/05/2001 03:20:00 PM Eastern

Tokyo - Casio Computer has revised downward its group earnings forecast for its fiscal first half and full year. The company attributes the lower numbers to worse-than-expected business environments.

For the first half, through September 30, the digital watch and consumer electronics maker said it expects a net profit of $5 million, down from the $26.6 million estimated this past May. Pretax profit for the first six months now is expected to be $8.3 million, down from the earlier projected $50 million. Sales for the six months remain unchanged from earlier forecasts, at $1.8 billion.

For the full year through March 31, 2002, Casio forecasts a net profit of $12.5 million, down from the earlier projected $58.3 million. Estimated pretax profit for the fiscal 12 months of $29.1 million is down from the earlier projected $108.3 million. Sales are expected to hit $3.6 billion for the 12 months, down from the earlier projected $3.8 billion.

Casio said its watch and high-tech equipment businesses are performing relatively well, but the company finds it hard to gain projected earnings in its mobile network solutions business, a project related to wireless communications operations, due to the worldwide slump in this sector.