Tokyo - Nikon has a double-digit drop in net income on higher net sales in its fiscal first quarter, ended June 30.
Net sales increased 5.6 percent year on year to 259,431 million yen, while net income went down 48.6 percent year on year to 15,770 million yen and operating income decreased 36.7 percent year on year.
Nikon reported that in the imaging products business, although the compact digital camera market shrank, the interchangeable-lens digital camera market continued to expand.
In the imaging products business, record high unit sales were recorded for quarterly sales of interchangeable-lens digital cameras and interchangeable lenses, and for first-quarter sales of compact digital cameras. Although there was a decline in operating income due mainly to the effects of the strong yen against the euro, net sales for the quarter reached record high levels, the company said.
Both revenue and profit in this business of interchangeable-lens type digital cameras and compact digital cameras are expected to grow during the fiscal year due to an increase in sales volume, although more intensifying competition is expected.
In its forecast for the fiscal year ending March 31, 2013, Nikon said that its original projection of 1,030,000 million yen has been reduced to 1,020,000 million yen and its net income forecast has been reduced to 5,000 million yen to 60,000 million yen.