The Japanese electronics giants are continuing to suffer because of last year?s collapse in memory prices. The latest to suffer is NEC, which showed a decline in its profits as it released its yearly result. The company turned over Y4,948 billion, an increase year-on-year of 13 per cent. But pre-tax profits fell from Y151.3 billion to Y121.2 billion.
NEC said decline in its memory profits was offset by a surge in its telecoms business and predicted better returns this coming year.
That is partly because NEC has an edge in the supply of high end Drams but also because earlier this year it, with other Far Eastern suppliers including the Korean chaebols, agreed to restrict production in memories. That has caused prices to stabilise after their free fall in 1996.
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