Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

NEC Sees Record Loss

TOKYO -- Japan's biggest chip maker, NEC Corp, reported Friday its biggest loss ever for the last business year due to problems at its U.S. chip-making unit.

NEC, also a major maker of personal computers and telecoms equipment, said it registered a consolidated net loss of 157.95 billion yen ($1.30 billion) in the year that ended on March 31.

Its results are calculated under U.S. accounting rules.

But it expects a substantial rebound this year, predicting a consolidated net profit of 25 billion yen.

Analysts said PB-NEC was too slow to develop low-priced personal computers to keep up with the industry's cutthroat price competition.