OREANDA-NEWS. August 10, 2012. HOYA Corporation (TOKYO: 7741) announced financial results for the first quarter ended June 30, 2012. For the quarter under review, revenues decreased 0.6% to 92,615 million yen compared with the same period last year. Profit before tax increased 47.0% to 25,816 million yen, and profit for the term increased 51.0% to 23,197 million yen, reported the press-centre of HOYA.

Despite the severe impact of the flood in Thailand to eyeglass lens business and the continued appreciation of the yen, the HOYA group maintained the overall competitiveness of its operations by responding the changing needs of the market. The significant increase of the profits is due to the insurance income of 11,308 million yen to compensate for losses in the production facilities of eyeglass lenses caused by the flooding in Thailand.

“The eyeglass lens factories in Thailand are now operating at about 70 percent of its capacity recovering from the flood damage, and will be fully operational by the end of September.” said Hiroshi Suzuki, chief executive officer of HOYA. “There is growing uncertainty in the world economy, and in response to this, we are reallocating resources in targeting region and business to maintain our competitiveness.”