Oki has released its financial results for the first half for the fiscal year 2020 ending 31 March 2020, recording increased net sales.
Oki Electric Industry Co., Ltd. posted an increase in net sales of ¥218.4 billion ($2 billion/ €1.8 billion) for the first half year, a ¥24.8 billion ($227 million/ €206 million) increase year-on-year. Profit was increased to ¥4.1 billion ($37.62 million/ €34.09 million) from the previous year’s -¥2.6 billion (-$23.85 million/ -€21.62 million).
Although the overall picture was an improvement year-on-year, net sales for the printer segment was down ¥3.8 billion ($34.86 million/ €31.61 million) year-on-year with a total net sales for the segment for the first half year of ¥47 billion ($431 million million/ €391 million). Oki said that net sales of the printer segment decreased “due to sales decline for office printers in Europe and the impact of yen appreciation”.
In light of its recent business performance, Oki has revised its full year projections with net sales for the printer segment revised down to ¥96 billion ($881 million/ €798 million), down from the previously predicted ¥104 billion ($954 million/ €865 million).
