OKI Reports Improved Financial Results

OKI Electric Industry Company of Japan recently reported financial results for the nine months that ended on December 31, 2018, reporting net sales of 299.3 billion yen, down 0.7 percent year-over-year; operating income of 5.0 billion yen, versus a loss of 2.8 billion yen for the same nine months a year earlier; and a loss of 1.6 billion yen, versus a loss of 5.4 billion yen for the same nine months a year earlier.

Sales were down for OKI’s printer group, but this it said reflected “major projects in the first nine months of the previous fiscal year.” Sales for the printer group were 76.7 billion yen, down 3.5 percent year-over-year. However, operating income was up 2.5 percent to 4.5 billion yen, due to improvements in OKI’s cost structure and more favorable foreign-currency exchange-rate effects, specifically the depreciation of the Japanese yen versus other currencies.

Forecast

For its complete fiscal year that will end on March 31, 2019, OKI adjusted its net sales slightly upwards  to 440.0 billion yen, up 2.2 percent year-over-year. It’s also forecasting operating income of 15.0 billion yen, versus 7.7 billion yen for the previous fiscal year, and net income of 5.0 billion yen, versus 5.9 billion yen for the previous fiscal year.

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