Sales, Profits Down for OKI’s Fiscal Year; Stronger Japanese Currency Seen as Culprit

OKI Mt. Laurel HQ

This week, OKI Electric Industry Company of Tokyo reported financial results for its fiscal year that ended on March 31, 2016, with net sales of 490.3 billion, down 9.2 percent, and profits of 6.6 billion yen, down 80.0 percent, both versus the previous fiscal year.

According to the firm, one bright spot was that operating income exceeded its projections. It attributed its lower profits to the impact of foreign-currency fluctuations, with the Japanese yen growing stronger versus the U.S. dollar, up about 10 percent since the beginning of the year. As for net sales for the year:

  • Sales of ATMs in China and existing networks for telecom carriers declined year-over-year.
  • Sales of fire-fighting wireless systems “passed a peak.”
  • Sales of cash-handling equipment and systems for financial institutions in Japan were favorable.

Within OKI’s printer business, net sales for the year were 124.6 billion yen, down from OKI’s previous projection for 130.0 billion yen, and down 4.7 percent from the 129.3 billion yen OKI reported for the previous fiscal year. Operating income for the printer business was down 5.3 percent to 1.4 billion yen for the year.

Overall, the firm reported that a sluggish economy in emerging economies, competition from “home-grown vendors” in the China ATM market, as well as shrinking of the office-printer market, and intensified competition in the office-printer market, affected its results.

For its current fiscal year that will end in March 2017, OKI is projecting net sales of 500 billion yen and profits of 12.0 billion yen.

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