NEC Electronics to swing to profit in Q1 - Nikkei

TOKYO, July 23 (Reuters) - Japanese chip maker NEC Electronics Corp (6723.T) is likely to swing into the black with a roughly 1 billion yen ($9.32 million) operating profit for April-June on its semiconductors for DVD recorders and cars, the Nikkei business daily said on Wednesday.

NEC Electronics, which last year slashed costs by cutting staff, consolidating factories and reining in research spending, posted a 2.2 billion yen operating loss in the same period last year.

The company expects a 62 percent rise in group operating profit for the six months through September 31 to 3 billion yen on a 5 percent fall in sales to 335 billion yen, the Nikkei said.

But it is not expected to change its outlook for a 10 billion yen operating profit for the year to March 2009, it said.

(Reporting by Mayumi Negishi)