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Tsugami seen producing profit gain just shy of forecast

TOKYO -- Machine tool maker Tsugami apparently earned a group operating profit of nearly 1.5 billion yen ($14.8 million) during the April-September half, with this 10% gain on the year falling just short of projections due to the weak yuan.

Sales for the Japanese company are expected to decline 15% to roughly 18 billion yen. Half of those sales go to other Asian countries, with China being the main destination. The yuan's depreciation amid the strong Japanese currency eroded yen-denominated earnings, and the black ink likely will miss the target of 1.5 billion yen.

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