NEC reports massive drop in profits

NEC reports massive drop in profits

Japan based consumer electronics maker NEC has come out with their latest revenue report and the company has posted a 78 percent drop in its net profits.

The company suffered from drops in sales of their mobile phones and personal computers products.

NEC posted a group profit of 2.6 billion yen for the quarter ending in December 2006. This is down from 11.8 billion yen they posted in the same period in the previous year.

Company’s sales were down to 1.096 trillion yen as they failed to improve sales in the European markets.

NEC added that the sales in its personal solutions business saw a 37.9 percent decline on year to 130.0 billion yen. However, the sales in their information technology and network solutions sectors rose 4.9 percent in the period.