Modec has pulled down its first half profit forecast due to the allocation of deferred income on an African FPSO project.
It is now projecting a profit of JPY 6.3bn ($56.6m) for the period, down from JPY 7.5bn previously.
At the same time operating profit guidance has come down from JPY 6bn to JPY 2.7bn.
Modec explains it will now book a deferred profit on an FPSO project in Ghana in the second half of 2017.
