OKI Revises Full-year Consolidated Earnings Projections for the Fiscal Year ending March 31, 2017
TOKYO, October 28, 2016 -- Oki Electric Industry Co., Ltd. (TOKYO:6703) today announced it has recorded extraordinary loss for the 1st half of the fiscal year ending March 31, 2017. OKI has also revised its full-year consolidated earnings projections for the fiscal year ending March 31, 2017 from its previous projections announced on May 10, 2016, in light of recent business performance.
1. Content of extraordinary loss
As announced on November 18, 2014, OKI was inspected by Japan Fair Trade Commission on products and services relating to digitizing firefighting wireless systems due to the suspected violation against Antimonopoly Act. Since then, OKI has been completely cooperating with the Commission. In light of the recent received notice of hearing from the Commission, OKI has posted an extraordinary loss of 2.5 billion yen as involving estimated surcharge of 0.2 billion yen, in preparation for the future loss for the 1st half of the fiscal year ending March 31, 2017.
2. Revision of full-year consolidated earnings projections for the fiscal year ending March 31, 2017(From April 1, 2016 to March 31, 2017)
|Net sales||Operating income||Ordinary income||Profit attributable to owners of parent||Net income per share|
|billion yen||billion yen||billion yen||billion yen||yen|
|Previous projections (A)||500.0||20.0||18.0||12.0||138.19|
|Revised projections (B)||465.0||15.0||6.0||3.0||34.55|
|Percent change (%)||-7.0||-25.0||-66.7||-75.0||—|
|Reference: Results for the full-year of the fiscal year ended March 31, 2016||490.3||18.6||11.4||6.6||76.10|
Reasons of revision
In Mechatronics systems business, China ATM market is in a lull and the situation is likely to continue for a while, although the market still has room to grow including becoming widespread among an inland area in China. In Printers business, expanding sales in high-value-added area are offset by decreasing demand for office printers. In terms of currency exchange, recent trend of strong yen continues for a time, though level of currency exchange fluctuated unsteadily in beginning of this fiscal year. Against the backdrop of those situation and business performance of the first half of fiscal year 2016, OKI has revised its full-year consolidated earnings projections for the fiscal year ending March 31, 2017.
*OKI consolidated every ten shares of its common stock into one share on October 1, 2016. In accordance with this, each value of net income per share is figured out under the assumption that the consolidation of common stock was executed at the beginning of the previous fiscal year.
- 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
- * Information in the press releases is current on the date of the press announcement, but is subject to change without prior notice.