TOKYO--(BUSINESS WIRE)--Hoya Corporation (TOKYO:7741) today announced financial results under Designated International Financial Reporting Standards (IFRSs) for the first quarter ended June 30, 2011. The full reports are available at: http://www.hoya.co.jp/english/investor/
Overview of Financial Results for the Period
During this quarter, the emerging countries showed recoveries while the economies in the U.S. and Europe remained troubled. The uncertainty surrounding the Japanese economy increased due to the impact of the earthquakes including the electricity shortage and the radiation issue, as well as the further appreciation of the yen against the US dollar.
Against this backdrop, the group's production and shipments increased although sales were significantly affected by a decline in product prices and the appreciation of the yen. Although the direct damage from the disaster was not extensive, the temporary halt at the facilities due to the blackout, the problems experienced by our customers and suppliers had adverse effects on the Company's results.
As a result, The Company Revenues from continuing operations decline 1.2% over the previous fiscal year to 93,164 million yen and profit for the quarter was up 9.9% to 14,141 million yen. Profit for the quarter from all operations was down 35.3% to 15,360 million yen. The reason for this sharp decline of the profit was that because the Company sold its hard disk glass media manufacturing operations in the first quarter of the previous year and posted a 10,343 million yen gain on this business transfer as the revenue of discontinued operations.
"Excluding the gain from business transfer last fiscal year and the negative impact of high yen, both revenue and profit from the business activities increased compared to the same period last year," said Kenji Ema, chief financial officer of HOYA, "Life care business contributed to the result overall. We also expect the demand recovery for LSI mask blanks and glass memory disks for HDD next quarter."
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Summary of Consolidated Financial Statement |
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| (Millions of Yen: Rounded to the nearest million) | ||||||||
| Three months ended | Variance | |||||||
| June 30,2010 | June 30,2011 | (%) | ||||||
| Revenue from continuing operations | 94,292 | 93,164 | -1.2 | |||||
| Profit before tax | 18,227 | 17,567 | -3.6 | |||||
| Profit for the quarter from continuing operations | 12,870 | 14,141 | 9.9 | |||||
| Profit from discontinued operations | 10,861 | 1,219 | -88.8 | |||||
| Profit for the quarter from all operations | 23,732 | 15,360 | -35.3 | |||||
| Profit attributable to Owners of the Company | 23,895 | 15,312 | -35.9 | |||||
| Total Comprehensive Income/loss | 5,119 | 12,070 | 135.8 | |||||
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Basic earnings per share for the quarter (yen) |
55.39 | 35.49 | -19.90 | |||||
| NOTES: |
| 1. Our hard disk glass media manufacturing operations was sold on June 30, 2010. |
| 2. On July 1, 2011, we signed the contract to sell our camera business, Imaging Systems division to Ricoh Co., Ltd. Both businesses have been classified as discontinued operations. |
Outlook and Future Prospects
For the first six months of this fiscal year ending September 30, 2011, Hoya forecasts revenues of 210,000 million yen (down 1.6% compared to the same period previous year) for all operations, profit before tax of 38,000 million yen (down 15.4%) and profit for the term of 30,000 million yen (down 20.6%.)
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Projected Results for the First Half (Six months ending September 30, 2011) |
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| (Millions of Yen: Rounded to the nearest million) | |||||||
| Six months ending/ended | Variance | ||||||
| (All Operations) | Sep.30,2010 | Sep.30,2011 | (%) | ||||
| Revenue | 213,473 | 210,000 | -1.6 | ||||
| Profit before tax | 44,935 | 38,000 | -15.4 | ||||
| Profit for the term | 37,795 | 30,000 | -20.6 | ||||
| Profit for the term per share (Yen) | 88.01 | 69.54 | -18.47 | ||||
| NOTES: |
| 1."All operations" means here that the figures are including both continuing and discontinued operations. |
| *The company's financial results are being prepared and reported in accordance with IFRS from previous fiscal year. |
| *Results are preliminary and unaudited. |
About Hoya Group
Hoya Corporation is a global technology
company based in Tokyo, Japan, and the leading supplier of innovative
and indispensable high-tech and healthcare products based upon its
advanced optics technologies. Hoya is active in four fields of business:
The Healthcare provides eyeglasses and operates retail shops for contact
lenses. The Medical provides endoscope system and intraocular lenses for
cataract surgery. The Electronics makes mask blanks and photomasks for
the semiconductor devices and LCD panels as well as glass memory disks
for HDDs. The Imaging produces optical lenses, lens modules and
microlenses. Hoya now has over 100 subsidiaries and affiliates, and
employs over 36,500 people worldwide.