Omron Corp., a maker of automated control equipment, said Monday it has cut earnings forecasts for fiscal 2001, trimming group net profit by 42.3 percent for the full year and by 66.7 percent for the first half from earlier projections in May.
Citing a global slowdown in investment in information technology, Omron said consolidated net profit in the business year to March 31 is expected to come to 15 billion yen instead of the earlier projected 26 billion yen.
Omron expects to post full-year sales of 570 billion yen, down 6.6 percent from 610 billion yen projected in May.
For the business year to March 31, Omron posted a group net profit of 22.30 billion yen, a group pretax net profit of 40.04 billion yen, and group sales of 594.26 billion yen.
Omron also revised down group net profit for the first half of the current business year to 3 billion yen from the earlier projected 9 billion yen.
Half-year group pretax net profit will likely come to 5 billion yen, down 66.7 percent from the earlier projected 15 billion yen.