TOKYO( Reuters)- Japanese electric motor maker Nidec Corp on Monday posted its first daily operating loss in a decade, of24.3 billion yearning($181.01 million), hit by hefty restructuring costs and difficulty in earning semiconductors and other factors.
The result for the January- March fourth quarter compared to an average estimate for a11.75 billion yearning loss in a check of eight judges by Refinitiv. It also compared to a36.9 billion yearning profit in the same period a time before.
” The business terrain girding Nidec continues to be severe,” the company said in a statement. It advised of a detention in the recovery of global machine product, among other headwinds.
It was also squeezed by a decline in unit growth rate in the electric vehicle( EV) request in China and a peaking out of capital investment- related demand, it said.
Nidec has made a big bet on growth in the EV request, investing heavily in product and development of thee-axle traction motor, which combines an electric vehicle’s gear, motor and power- control electronics.
In the rearmost quarter it took a hefty megahit related to restructuring as it looks to sprucely reduce fixed costs.
For the business time that began April 1, the Kyoto- grounded establishment cast operating profit of 220 billion yearning, versus an average210.87 billion yearning read by 21 judges.
$ 1 = 134.2500 yearning)
