OKI Reports Loss, Lower Sales for First Quarter

Oki Electric Industry Company of Japan reported results for its first quarter that ended on March 31, 2017, with net sales down 2.8 percent to ¥90.4 billion ($0.82 billion) versus the same period of the previous fiscal year. OKI also reported a loss for its first quarter of ¥54.74 billion, versus a loss of ¥70.07 billion for the first quarter of its previous fiscal year.

OKI stated however that “its business performance turned out approximately as planned,” as it seeks to shift from office to commercial printers.

OKI noted that it benefited from a weaker Japanese yen versus other currencies.

Sales of office printers totaled ¥24.9 billion, down 2.6 percent versus sales of office printers totaling ¥27.5 billion for the first quarter of the previous fiscal year.

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