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OKI Revises Consolidated Earnings Projections for the Full Year of the Fiscal Year ending March 31, 2014

TOKYO, February 4, 2014 -- Oki Electric Industry Co., Ltd. (TOKYO:6703) today announced that the company posted non-operating income (currency exchange gain) for the first nine months of the fiscal year ending March 31, 2014. OKI has also revised its consolidated earning projections for the full year (April 1, 2013 to March 31, 2014) of the fiscal year ending March 31, 2014 from its previous projections announced on October 30, 2013, in light of recent business performance.

1. Recording of non-operating income

OKI has posted 12.8 billion yen of gain on currency exchange in non-operating income, due to depreciation of yen for the first nine months (from April 1, 2013 to December 31, 2013) of the fiscal year ending March 31, 2014.

This gain on currency exchange is based on the exchange rate at the end of 3rd quarter of the fiscal year ending March 31, 2014.

2. Revision of consolidated projections for the full year of the fiscal year ending March 31, 2014(From April 1, 2013 to March 31, 2014)

  Net sales Operating income Ordinary income Net income Net income per share
  billion yen billion yen billion yen billion yen yen
Previous projections (A) 480.0 24.0 24.0 15.0 19.23
Revised projections (B) 484.0 26.0 34.0 25.0 32.97
Changes (B-A) 4.0 2.0 10.0 10.0
Percent change (%) 0.8 8.3 41.7 66.7
Reference: Results for the full year of the fiscal year ended March 31, 2013 455.8 13.5 20.3 13.6 17.24

Reasons of revision

OKI has raised its projections for net sales and operating income from the previous announcement due to depreciation of yen compared with the exchange rate for previous projection, and revision of 4th quarter exchange rate in light of recent business performance, amid steady progress of each business segment. OKI also projects ordinary income and net income to increase from the previous announcement since higher operating income and gain on currency exchange will be recorded.

On January 14, OKI announced an establishment of a group company, OKI Brasil S.A. which will be incorporated into OKI's consolidated balance sheet from 4th quarter of the fiscal year ending March 31, 2014 and into its consolidated income sheet from 1st quarter of the fiscal year ending March 31, 2015. Following this consolidation, OKI intends to announce the impact on its consolidated financial performance for the current fiscal year promptly in case such impact is significant.

The 4th quarter exchange rates used for the full year projections are 103 yen/USD and 140 yen/Euro. For details, please refer to explanatory material "Financial Results for the 3rd Quarter of the FY ending March 31, 2014".

  • Amounts are rounded to the nearest hundred million.
  • The projections and plans on this release are subject to change depending upon the changes of business environments and other conditions.
Press Contact:
Public Relations Division
Phone: +81-3-3501-3835
  • * Information in the press releases is current on the date of the press announcement, but is subject to change without prior notice.

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