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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (10765)	7/31/2003 3:42:36 AM
From: StanX Long	Read Replies (1) \| Respond to of 95479

Lizzie, some good news, maybe, see bold, Stan. NEC Raises Forecast After Quarter in Black Thursday July 31, 3:04 PM sg.news.yahoo.com TOKYO (Reuters) - NEC Corp raised its six-month profit estimates on Thursday after growing overseas demand for its handsets and healthy profits from its chip unit spurred a strong performance in the first quarter. Demand for all-in-one system chips used in DVD recorders made by NEC Electronics Corp, which recently had a $1.3 billion yen IPO, and an aggressive overseas push for its mobile phones contributed to a net profit in the first quarter. The sprawling electronics conglomerate eked out a quarterly net profit of 700 million yen ($5.82 million) in the three months to June 30, prompting NEC to raise its net profit forecast for the first half to 12 billion yen from an April estimate of three billion yen. While the quarterly net profit fell 90.3 percent from the same quarter a year ago, most analysts had predicted NEC to be in the red. Fujitsu Ltd and Toshiba Corp announced net losses for the quarter this week, while Hitachi Ltd said it was in the red earlier on Thursday. On an operating basis, NEC posted a profit of 12.04 billion yen versus last year's profit of 7.2 billion yen, which was boosted by one-off accounting changes. Revenue rose 0.9 percent to 1.03 trillion yen. Despite raising its half-year estimates, NEC maintained its full-year estimates of a consolidated operating profit of 180 billion yen and a group net profit of 30 billion yen on revenue of 4.8 trillion yen. For the half year, NEC raised its group operating profit forecast to 50 billion yen from 45 billion yen in April. It also lifted its pre-tax profit estimate to 65 billion yen from 35 billion yen. The six-month revenue estimate was left unchanged. Like some of Japan's other electronics conglomerates, NEC has reduced its exposure to the volatile chip industry and has focused its business on systems integration and high-speed mobile network equipment. Prior to the earnings announcement, shares in NEC closed down 1.07 percent at 742 yen, compared to a 0.84 percent fall in Tokyo's electric machinery sub-index IELEC. Shares in NEC have bounced 83 percent from near record lows since the start of the business year on April 1, compared to a 26 percent rise in Tokyo's electrical machinery sub-index IELEC. ($1=120.23 Yen)