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Hoya posts record first-half group net profit on tax change

Japanese optical glassmaker Hoya Corp. said its April-September consolidated after-tax profit hit a record 9,590 million yen, up 4.5% from a year earlier.
The upbeat result was attributed largely to …

Japanese optical glassmaker Hoya Corp. said its April-September consolidated after-tax profit hit a record 9,590 million yen, up 4.5% from a year earlier. The upbeat result was attributed largely to a tax-related change in Japan“s corporate accounting standards, which effectively reduced the Hoya group“s corporate taxes for the first half of the current fiscal year. Consolidated recurring profit fell 3.4% to 16.95 billion yen, battered by foreign exchange losses amid the yen“s recent appreciation and shrinking profit margins for memory disks, said officials of the Tokyo-based firm. Semiannual group sales slipped 5.1% to 98.92 billion yen on slow overseas demand, particularly in Europe, due to the yen“s strength. The Hoya group cut its borrowings by 2.87 billion yen during the half-year period to 2,.55 billion yen. Hoya plans to unveil its parent and group profit estimates for the year ending on 31 March, when it announces its earnings results for the October-December quarter, the officials said. While overall sales are seen flat from the previous year, Hoya expects to reap a record consolidated after-tax profit in the year, a senior company official said. On a parent-alone basis, Hoya registered a recurring profit of 13.3 billion yen in April-September, up 48.0% from a year before, on sales of 61.06 billion yen, down 0.1%. After-tax profit jumped 68.2% to 9.2 billion yen, prompting the firm to boost its interim dividend payment to 16 yen per share from 14 yen.

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