Hoya sales fall

Hoya Corporation's Vision Care segment posted net sales of ¥24,687m (approximately £1.65bn) in fourth quarter financial results for the three months ending March 31, 2009, a fall of 20.2 per cent on the same period in 2008.

The corporation, which manufactures lenses as well as frames, said its overseas market declined because of the appreciation of the yen, the economic slowdown and intensified competition with lower priced lenses. It also claimed that the figures were affected by sales of lenses in Japan which have 'continuously been in a slump due to a price decline'.