• SHARE

Hoya Corp., a maker of optical glass and eyeglasses, said Monday its group pretax profit for the fiscal year to March 31 fell 5 percent to 45.77 billion yen due mainly to the slump in the information technology sector.

The company said the IT slump hit its electro-optics business hard, more than offsetting increased revenues from its eye-care operations.

Group revenues edged down 0.6 percent to 235.27 billion yen, of which revenues from electro-optics were down 9.7 percent while those from eye-care were up 9.4 percent, it said.

But at the bottom line, Hoya posted a group net profit of 23.74 billion yen, up 8.6 percent, as it cut extraordinary losses in half from the previous year. Extraordinary losses ballooned the previous year as the company wrote off 14.35 billion yen in goodwill of its U.S. subsidiary.

Hoya gave no earnings forecast figures for the current fiscal year to March 31, 2003.

In the previous fiscal year, the company logged a group net profit of 21.86 billion yen and a group pretax profit of 48.18 billion yen on revenues of 236.8 billion yen.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW