HELSINKI – Elcoteq cut its forecasts for 2007 because of intensifying competition in Europe, warning it would make no money from operations this year. The EMS firm, one of the eight largest in the world, reported a first-quarter operating loss of 23 million euros ($31 million). In a statement, the company said it would report breakeven operating results in 2007, not including one-time charges, on a slight uptick in revenues. It had previously guided for sales growth of around 10% and increased profits. Elcoteq said it would take a first-quarter writedown of 30 million euros in one-time charges as part of a cost-reduction program. It also upped restructuring costs guidance to 35 million euros, from an earlier estimate of 20 million euros.