Major Japan Firms Project 1.1 Pct Profit Drop: Jiji Tally
Tokyo, April 27 (Jiji Press)--Major Japanese nonfinancial companies project a 1.1 pct drop in their group net profit for the year ending in March 2020, a Jiji Press survey showed.
The survey covered 243 companies listed on the Tokyo Stock Exchange's first section that have released earnings results for the year ended last month. Their combined market value represents 36 pct of the total in the section.
Industrial robot maker Fanuc Corp. <6954> estimates a 60 pct net profit fall, anticipating continued weakness in capital investment in China.
Advantest Corp. <6857> forecasts a drop of 50 pct or more in its net profit amid expectations that sluggish memory chip demand will weigh on sales of its semiconductor testing devices.
"Many companies, mainly those related to capital investment, are cautious about their outlooks," said Kazuhiro Takahashi, an equity strategist at Daiwa Securities Co.
[Copyright The Jiji Press, Ltd.]