The recurring profit of Japanese glassmaker Hoya Corp. is expected to soar 19% to JPY 16.3 billion in the business year ending March 1996, hitting a new high for the second straight year.
Hoya also s…
The recurring profit of Japanese glassmaker Hoya Corp. is expected to soar 19% to JPY 16.3 billion in the business year ending March 1996, hitting a new high for the second straight year. Hoya also succeeded in improving its financial balance, thanks to record-low interest rates. By September 1995, the company had paid off all its debts, which had totalled JPY 2 billion at the end of the previous fiscal year. After-tax profit is projected to jump 23% from the previous year to JPY 8 billion, up JPY 500 million from an initial forecast. Hoya“s annual sales are likely to amount to more than JPY 112 billion, up slightly from an initial estimate of JPY 111.2 billion, pushed by brisk sales of computer- and chip-related products. Demand for those products, including glass magnetic disks for hard disks and photo masks for semiconductor production, is expected to rise 20% to JPY 57.5 billion, JPY 3.1 billion higher than initially expected. In contrast, sales of crystal products will suffer a 20% drop, reflecting the transfer of those sales to a subsidiary. Sales of eye-care products are likely to edge down, instead of gaining slightly as projected earlier, due to weaker sales of frames for eyeglasses. For the next business year to March 1997, Hoya is expected to report a recurring profit of JPY 17 billion, up 4% from the current year“s projection. Annual sales will total JPY 120 billion, up 7%, backed by an expected double-digit rise in sales of computer-and chip-related products. After-tax profit is estimated at JPY 8.5 billion, up 6%. Hoya will raise its annual dividend payments by JPY 1-2 yen per share from the current year“s planned payment of JPY 19 to keep its current pay-out ratio of 33%.