Hoya reports sales fall but predicts recovery

Hoya Corporation's preliminary and unaudited financial results for the first quarter ended June 2009 show that its Vision Care division posted sales of ¥25.628m, down 17.1 per cent compared to sales of ¥30.899m in 2008.

The company reported that its overseas markets, including the UK, had felt the impact of declining prices and consumer stagnation related to worsening economic conditions. Since April, however, there was a degree of recovery in orders.

Overall, Hoya reported net sales of ¥94.9bn for the quarter, a 27 per cent decrease from the ¥130.1bn generated in the same period in 2008. The drop was attributed to difficult economic conditions and the impact of exchange rates.