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Nikon forecasts 'extraordinary' loss due to Thailand floods

updated 10:40 am EST, Fri February 3, 2012

Nikon posts loss after floods for the quarter

Digital camera maker Nikon has posted its third-quarter earnings on Friday, revealing the company took a one-time 10.9 billion yen loss (about $143 million) due to the flooding of its factories in Thailand. For the quarter ending December 31, Nikon called the loss extraordinary, though it did include the 500 million yen ($6.6 million) insurance payment as a result of the property damage. Any further insurance payments will be received as extraordinary gains when the amounts are fixed.

The company reported a 3.7 billion yen (about $48.6 million) loss during the period, compared to a 9.7 billion yen (nearly $127.3 million) gain during the same time in 2010. Operating profits dropped to 8.2 billion yen ($107.6 million) from 18.6 billion yen ($244.1 million) from 2010.

Despite all this, Nikon did forecast a net income of 55 billion yen (about $721.8 million) for the fiscal year, which ends on March 31. This is just over twice as much as the actual net income from 2011, which was 27.3 billion yen ($358.3 million). This is due to higher forecast overall sales. Whether or not Nikon hits these forecasts will be revealed at the end of March.



By Electronista Staff
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