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TOKYO — Japanese industrial robot builder Fanuc now expects net profit to fall 34% on the year for the fiscal year ending March 2024 in a sharp forecast downgrade as Chinese economic weakness stalls its factory automation business.
Consolidated net income has been revised down by 24 billion yen ($171 million) to 113.1 billion yen. Sales are projected to fall 12% to 750.3 billion yen, with operating income decreasing 38% to 118.3 billion yen. This would mark the first net profit decline in four years.
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