Japanese optical glassmaker, Hoya Corp., posted a consolidated net profit of 15.46 billion yen in the April-December period of 1999, up 10.6% from a year ago, the company said.
Hoya credited the impa…
Japanese optical glassmaker, Hoya Corp., posted a consolidated net profit of 15.46 billion yen in the April-December period of 1999, up 10.6% from a year ago, the company said. Hoya credited the impact of cost-cutting and falls in effective tax rates for offsetting the impact of falls in its sales. Hoya reported group sales of 149.9 billion yen for the nine months to 31 December 1999, down 3.1% from a year ago. The company blamed the yen“s appreciation for trimming its yen-based income, especially in the first six months, despite a rise in unit sales. Hoya had a group pretax profit of 26.08 billion yen in the three quarters to December 31, down 0.5% from a year ago, it said. For the full year to 31 March, Hoya expects a group net profit of 19.50 billion yen, up 9.3% on the year, on group sales of 199.50 billion yen, down 0.9% from a year ago, it said. It foresees a group pretax profit of 33 billion yen for the fiscal year, down 1.8% from a year earlier, Hoya said. The US dollar averaged 111.71 yen for the Hoya group during the nine months to 31 December 1999, down 15.4% from 132.07 yen a year ago, Hoya said.