Japan's NEC cuts annual outlook on chip losses

TOKYO Oct 29 (Reuters) - NEC Corp (6701.T), Japan's biggest PC maker, cut its full-year operating profit outlook by 40 percent on Thursday on deepening losses on its microchip unit and sluggish sales of its network systems.

NEC said it now sees an operating profit of 60 billion yen ($664.8 million) instead of its previous estimate for a 100 billion yen profit for the year to next March. That is below the consensus estimate of 70.4 billion yen by 15 analysts polled by Thomson Reuters I/B/E/S.

The company posted a 75 percent fall in quarterly operating profit to 2.3 billion yen, down from a 9.3 billion yen profit in the previous year. ($1=90.25 Yen)

(Reporting by Mayumi Negishi)