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Japan's Nidec corrects past results after some sales were 'inflated'

Japan's Nidec corrects past results after some sales were 'inflated'

FILE PHOTO: Nidec Corp's logo is pictured at an earnings results news conference in Tokyo, Japan, July 25, 2018. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO : Japanese electric motor manufacturer Nidec Corp revised down two years of operating profit by about $67 million on Friday after determining that some sales were "recorded in an inflated manner" at a subsidiary.

Nidec said it had amended its financial results for the year ended in March 2023 and the year that ended in March 2024, after finding errors in its consolidation adjustment at subsidiary Nidec Drive Technology.

It said its operating profit was 10.1 billion yen ($64.33 million), or about 10 per cent, lower than originally stated for the business year that finished in March 2023 and was 307 million yen lower than originally stated for the one that just ended.

Nidec said it decided to amend its results after discussions with its auditor, PricewaterhouseCoopers Japan.

"We sincerely apologize for the considerable inconvenience caused to our shareholders, investors, business partners, and all the stakeholders," it said in a statement.

($1 = 157.0100 yen)

Source: Reuters

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