OKI: Results Declined but as Planned

OKI: Results Declined but as Planned

OKI Net sales decreased 18.65% year-over-year to JPY 266.9 billion (US$2.53 billion) for the first nine months of the fiscal year ending March 31, 2021. In the announcement, OKI claimed that the results were generally as initially planned.

Some other highlights for the third quarter and the first nine months of fiscal year 2020 include:

* operating loss was JPY 2.6 billion  (US$24.67 million), worsened by JPY 11.7 billion (US$111.03 million) year-on-year, and ordinary loss was JPY 3.4 billion, worsened by JPY 10.7 billion (US$101.54 million) ear-on-year.

* Loss attributable to owners of parent was JPY 8.5 billion (US$80.66 million), worsened by JPY 15.7 billion  (US$148.99 million)year-on-year

Looking at segments,

* Solution Systems quarterly results continued to increase from the last quarter, and quarterly operating income continued to improve.

* Components & platforms decreased year-on-year significantly due to continuing impact of COVID-19, mainly in overseas market. Quarterly loss decreased due to cost reductions, forex and a temporary increase (as a result of the reaction up to Q2) in consumables sales in Europe. Nine-month results declined due to lower sales.

OKI expressed that measures implemented were steadily in line with the medium-term business plan scenario. In addition, OKI expects certain contribution from the structural reforms will help the Q3 results of fiscal year 2021.

Related:

• Income Down but Profits Up for OKI

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