Casio Computer Co. said Wednesday it will chop 3,000 jobs, about 17 percent of its group workforce, by March, after falling into the red in the first half of the business year.
The electronics maker cited sluggish demand for parts in making the move.
The cuts will affect 2,500 to 2,600 jobs abroad and between 400 to 500 jobs at home, the firm said.
Casio said it posted a consolidated net loss of 4.21 billion yen in the April-September period, a sharp reversal from a profit of 2.8 billion yen marked a year earlier.
It blamed the loss on continued falls in product prices and increased expenses related to retirement benefits.
The group pretax balance also came to a loss of 4.21 billion yen, compared with a profit of 5.7 billion yen, with group sales down 4.4 percent to 204.02 billion yen.
Behind the red ink were increased nonoperating expenses connected to appraisal losses on inventory assets as well as extraordinary losses resulting from restructuring, it said.
The company will pay no dividend for the first half, the same as a year earlier.
For the year to March 31, Casio expects a group net loss of 3.7 billion yen, compared with a profit of 6.55 billion yen the previous year.