Toshiba Machine Co. said Thursday it has revised downward its earnings forecast for fiscal 2001 due to weak demand in the information technology sector.
The machine tool maker, a subsidiary of Toshiba Corp., said it expects a group net loss of 1.9 billion yen, a sharp increase from the 800 million yen it forecast on Nov. 16.
The company said it has cut back on production of products linked to IT and semiconductor businesses, and that demand has worsened since the terrorist attacks in the United States in September.
It projects a group pretax loss of 900 million yen, marking a turnaround from the pretax profit of 100 million yen it forecast earlier.
Group sales of 107 billion yen are expected, down slightly from the 110 billion yen predicted earlier, the company said.