Casio cans 17% of workers
Consumer electronics sales slump
Casio will slash 3,000 jobs worldwide, 17 per cent of the workforce, by March, due to slow sales and poor profits.
This follows the 1,000 jobs culled in the six months to September.
Casio posted a group net loss of 4.21 billion yen ($34.51 million) for the first half on sales of 204 billion yen ($1.67 billion). It made a net profit of 2.8 billion yen ($22.95 million) a year earlier.
The company expects a loss of 3.7 billion yen ($30.33 million) and sales of 404 billion yen ($3.31 billion) in the year to March 31, 2002. This is down from a net profit of 6.55 billion yen ($53.7 million) in 2000/01.
Revenue from word processors, audio and other consumer products fell 4.3 per cent to 64 billion yen in the first half. According to Gartner Dataquest, Casio grabbed 5.6 per cent of third-quarter global PDA shipments. These have fallen by just under ten per cent, from 2.81 million units in Q2 to 2.54 million.
Casio's watch sales dropped 10.4 per cent in the first half. Digital cameras, mobile phones and office equipment helped boost overall electronics equipment sales 1.5 per cent to 156 billion yen. ®