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Watch maker Seiko Corp. said Wednesday its group net profit will more than double over the next three years under a new business plan through March 2006. By then, Seiko expects a group net profit of 8.5 billion yen, up from an estimated 3.5 billion yen profit for fiscal 2002.

It also expects a pretax profit of 14.5 billion yen and an operating profit of 18 billion yen on sales of 231 billion yen in the final year of the plan. The 3.5 billion yen group net profit Seiko expects for the current business year was slashed from a profit of 8 billion yen as of November due mainly to 5.2 billion yen in appraisal losses on its securities holdings. The sales estimate has also been cut to 222 billion yen from 225 billion yen.

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