Loss for Oki’s First Quarter, Cites Sharply Appreciated Yen

On July 29th, Oki Electric Industry of Tokyo, Japan,  reported results for its fiscal first quarter (April 1, 2016 to June 30, 2016) for its fiscal year that ends on March 31, 2017. Net sales were down 15.1 percent to 93.2 billion yen versus the first quarter a year ago, and Oki reported a loss of 6.1 billion yen, versus profits of 3.2 billion yen for the same quarter a year ago.

Oki cited the “sharp appreciation of the (Japanese) yen,”  which makes Japanese products less price-competitive overseas in markets such as the United States and in Europe.

For its printer and MFP business, the firm reported that sales declined, with revenue for this group down 1.4 percent to  27.5 billion yen versus the same quarter a year ago.

More Resources

• May 2016: Sales, Profits Down for OKI’s Fiscal Year; Stronger Japanese Currency Seen as Culprit
• February 2016: OKI Struggles through Difficult Quarter, But Forecast Unchanged
• November 2015: Small Decline in Sales for OKI’s First Half, But Profits Slide; Will Expand Professional-Printer Business
• August 2015: Slight Dip in Printer/MFP Revenue for OKI’s First Quarter, but Total Sales Up
• May 2015: OKI Rolls On with Strong Financial Results for its Latest Fiscal Year
• February 2015: OKI Net Sales and Income up for Nine-Month Period and Third Quarter
• November 2014: OKI Reports Favorable Sales Growth for its Printer Business, Raises Forecast for its Full Year