Hoya Corporation has boosted profits for the final quarter of the year after putting troubles related to flooding in Thailand behind it.
The company reported a 9.8 per cent rise in revenue to ¥96,095m from all operations for the fourth quarter ending March 31 2013. Profit before tax for all operations was almost ¥30,000m and profit for the term was ¥23,239m, increases of 69.7 per cent and 102.5 per cent. The company noted that this was due to the 'recording of tremendous expenses in the same period last year suffered from the Thai flooding and the recording of insurance income this year on the contrary'.
It pointed out that the global economy continued to slow in the quarter, reflecting the prolonged European financial problems. While its Information Technology segment saw a decrease in sales and profit from the same period last year, its Life Care segment, including ophthalmic lenses, posted an increase in both sales and profit. This was partly due to the recovery from the impact of the Thai flooding, higher sales at a newly consolidated subsidiary and the recording of insurance income at ¥32,187m as part of the compensation for fixed assets and lost profit suffered from the flooding.
'Even excluding some specific factors such as exchange gain and insurance income, we marked increases both in sales and profit this fiscal year. It is noteworthy that the sales of the eyeglass lens business returned to the same level as before the Thai flooding in the fourth quarter,' said Hiroshi Suzuki, chief executive officer of Hoya.