Tokyo Electron expects full-year net loss on hit to solar business

Reuters

TOKYO, Dec 18 (Reuters) - Tokyo Electron on Wednesday cut its outlook for the year to next March to a net loss of 22 billion yen ($214 million) from its previous forecast for a 23 billion yen net profit after booking an impairment loss on its photovoltaic panel business.

The Japanese maker of semiconductor production equipment, which has agreed to be acquired by Applied Materials Inc , kept its full-year operating profit, revenue and dividend targets unchanged.

"Despite some improvement to photovoltaic pricing, there is still a global surplus of supply in relation to production facilities and there has been no recovery in new investment," the company said in a statement.

Tokyo Electron also said it would take extraordinary losses on a company acquired for its deposition technologies and for restructuring measures, including closing technology centres in Japan.

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