February 25, 2011 / 7:05 AM / 9 years ago

NEC cuts profit forecast by 40 pct, IT business drags

TOKYO (Reuters) - Japan’s NEC Corp on Friday slashed its full-year profit forecast by 40 percent to below market expectations, citing weak sales in its IT services and personal computer and mobile phone operations.

The company cut its operating profit forecast to 60 billion yen ($733 million) for the year ending March 31 from 100 billion yen previously.

That is below the average forecast of 86.8 billion yen in a poll of 14 analysts by Thomson Reuters I/B/E/S.

Reporting by Chris Gallagher; Editing by Nathan Layne

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