OKI Reports Loss for Nine-Month Period, Cites Yen, Decline in Demand for Office Printing

OKI Electric Industry Company of Tokyo, Japan, reported a net loss of 12 billion yen for its nine-month fiscal period of April 1 to December 31, 2016, citing the appreciation of the Japanese yen versus the U.S. dollar and euro as a significant factor.

Net sales for the period totaled 304.9 billion yen, down 9.7 percent versus the same period a year ago. Operating income was down 7.1 percent to 0.4 billion yen.

During the nine-month period, sales for OKI’s three businesses – ICT Systems, Mechatronics, and Printers – declined. Within OKI’s printing business, OKI states that sales “decreased due to the decline in printing demand in offices” and the negative effect of foreign-currency exchange rates. Sales for the printing business totaled 82.0 billion, down 9.9 percent versus the same period a year ago. The printer group also recorded a loss of 0.7 billion yen.

Nevertheless, OKI says that its business performance for the period “turned out exactly as planned,” though both net sales and operating income declined.

Forecast

For its complete fiscal year that will end on March 31, 2017, OKI is forecasting sales of 465 billion yen, versus 490.3 billion yen for its previous fiscal year, and profits of 3.0 billion yen, versus 6.6 billion yen for its previous fiscal year.

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