Major Japanese firms project 1.1% profit drop, survey finds

Major Japanese nonfinancial companies project a 1.1 percent drop in their group net profit for the year ending in March 2020, a Jiji Press survey has found. The survey covered 243 companies listed on the Tokyo Stock Exchange's first section that have released earnings results for the fiscal year which ended last month. Their combined market value represents 36 percent of the total in the section. Industrial robot maker Fanuc Corp. estimates a 60 percent net profit fall, anticipating continued weakness in capital investment in China. Advantest Corp. forecasts a drop of 50 percent or more in its net profit amid expectations that sluggish memory-chip demand will weigh on sales of its semiconductor testing devices.