OREANDA-NEWS. HOYA Corporation announced financial results for the first quarter ended June 30, 2013. For the quarter under review, revenues increased 8.4% to 100,425 million yen year-on-year. Profit before tax decreased 22.2% to 20,123 million yen, and profit for the quarter decreased 46.9% to 12,334 million yen.

The sales of glass disks for HDD and optical lens in the Information Technology segment declined due to the shift in demand from notebook PCs and compact cameras to smartphones and tablets. Recovery of eyeglass lenses from the Thai flooding as well as healthy growth of other Life Care businesses including medical endoscopes and contact lenses covered the decline in the Information Technology segment.

The significant decrease in profit is due to the insurance income of 11,038 million yen for the Thai flooding and gains of 2,269 million yen related to the phased acquisition of shares of subsidiary, both recorded in the first quarter of last year.

"On a local currency basis, the sales of eye glass business increased between 15 and 20% worldwide year-on-year, however, the profit has not been fully recovered. Our next goal is to bring up the profit to the same level as before the Thai flooding by optimizing the product mix and increasing efficiency in labs," said Hiroshi Suzuki, chief executive officer of HOYA. "For the endoscopes business we are aiming at increasing our presence in an emerging market including China, India and Latin America to cover up the sales of South Europe in order to achieve steady growth of the entire business."

HOYA also announced the forecast for the first six months ending September 30, 2013 as shown below.