Oki Electric Industry Co. said Tuesday it has downwardly revised its net balance forecast for fiscal 2001 to an 8.5 billion yen loss on a group basis. It previously forecasted a 9 billion yen profit.
Oki said that in the year to March 31, its consolidated sales will likely total 700 billion yen instead of the 780 billion yen forecast on April 26.
Oki blamed the downward revision mainly on extraordinary losses, including 13.7 billion yen in appraisal losses on its securities holdings and a restructuring-related loss of 6 billion yen.
It also blamed the flagging global information technology market that has set back the firm's semiconductor business.
The company said it also has to nullify its previous forecast of a per-share dividend of 5 yen for fiscal 2001.
Whether it will be able to pay a dividend for the year depends on developments related to the business environment, Oki said. The company paid a per-share dividend of 5 yen for the last business year.