OKI Releases its First Quarter Financials

OKI claims it is on track with its forecast for sales and operating income, however, both net sales and operating income decreased compared to the first quarter of last year.

OKI Electric Industry Co. Ltd. released its financial data from 1 April to 30 June, the first quarter of its fiscal year, which ends 31 March 2018, on July 28.

Fortunately, stable foreign exchange rates meant that there was a decrease in foreign exchange losses in non-operating expenses which somewhat improved the overall loss.

Sales of printers decreased notably with net sales for the first quarter of ¥90.4 billion (US$810 million), ¥2.8 billion (US$25.2 million) less than the same period last year.

In the ICT department, sales remained approximately the same as last year. Mechatronics systems sales were also generally the same as previous first quarter. They “increased due to unification of the fiscal period of the subsidiary in Brazil but decreased due to decline in the large project of cash handling equipment in the domestic market, which performed solidly in the previous year.”