Nikon H1 Profit Down, Cuts FY20 Forecast; Signs MoU With DMG MORI - Quick Facts
(RTTNews) - Japanese image and video equipment manufacturer Nikon Corp. (NINOF.PK, NINOY.PK) reported Thursday that its first-half net profit attributable to owners of the parent plunged 77.2 percent to 7.51 billion Japanese yen from 32.92 billion yen last year. Earnings per share fell to 41.55 yen from 57.41 yen a year ago.
Operating profit for the period declined 42.9 percent to 17.50 billion yen from last year's 30.64 billion yen.
Revenue declined 13.3 percent to 291.05 billion yen from 335.75 billion yen a year ago.
Looking ahead, for the fiscal year ending March 31, 2020, Nikon now expects attributable net profit of 17 billion yen, operating profit of 20 billion yen, and revenues of 620 billion yen. The previous outlook was attributable net profit of 42 billion yen, operating profit of 52 billion yen, and revenues of 670 billion yen.
Compared to last year, attributable net profit would be down 74.4 percent, operating profit down 75.8 percent and revenues would be down 12.5 percent.
Separately, Nikon announced that it has concluded a memorandum of understanding with machine tool company DMG MORI CO., LTD. for comprehensive business alliance.
The alliance will boost establishment of Nikon's material processing business by utilizing the knowledge of DMG MORI. The two companies will also cooperate to develop more advanced DMG MORI machine tools by applying Nikon's measurement and camera related technologies.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.