TOKYO (dpa-AFX) - Nidec Corp. (NJDCY.PK), a Japan-based manufacturer of electric motors as well as related components and equipment, reported that its second-quarter profit attributable to owners of the parent dropped 41.3 percent to 24.15 billion yen from 41.14 billion yen in the prior year. Earnings per share decreased to 82.07 yen from 139.50 yen in the previous year.
Operating profit was 34.40 billion yen down from 50.48 billion yen in the prior year.
Net sales for the quarter grew to 390.40 billion yen from 383.22 billion yen last year.
The company cut its profit outlook for the year ending March 31, 2020 citing increased start-up costs for automotive related product; completion of sale of Secop refrigeration compressor business.
For the year ending March 31, 2020, the company now expects profit attributable to owners of the parent to be 100 billion yen or 339.80 yen per basic share, compared to the prior outlook of 135.00 billion yen or 458.73 yen per basic share.
The company still expects net sales to be 1.65 trillion yen for the year.
Copyright RTT News/dpa-AFX