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For its projection for fiscal 2009 through next March, the electronics maker also said its sales will total 3.66 trillion yen, compared with its July forecast of 3.73 trillion yen, due to decreased sales in all of its businesses including electronic devices and network systems. NEC, meanwhile, maintained its projection of a net profit of 10 billion yen. NEC Corp. President Kaoru Yano said in a news conference said that while the April to September period showed signs of improvement, he believes the pace of improvement will slow from January to March. Still, Yano said he is pinning his hope on the planned merger of its chip unit, NEC Electronics Corp., and another struggling chipmaker, Renesas Technology Corp., to help NEC turn around. The merged entity, expected to be called Renesas Electronics Corp., is set to likely become Japan's largest semiconductor maker. Thursday's earnings report also showed that NEC incurred a group net loss of 43.59 billion yen for the April to September period, a reversal from a group net profit of 1.76 billion yen a year earlier. In a consolidated earnings report for the first half of fiscal 2009, the company booked an operating loss of 37.70 billion yen, against an operating profit of 13.39 billion yen a year before, on sales of 1.65 trillion yen, down 22.3 percent. To see more of Kyodo News International, go to http://www.kyodonews.com Copyright (c) 2009, Kyodo News International, Tokyo Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for NIPNY click here.
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