BUSINESS: Financial Hoya’s First Quarter Revenues Rise, But Profits Drop By Staff Friday, August 02, 2013 12:17 AM TOKYO— Hoya Corp. (TOKYO: 7741) announced that revenues increased 8.4 percent to 100,425 million yen year-on-year for the first quarter ended June 30, 2013. However, profit before tax decreased 22.2 percent to 20,123 million yen, and profit for the quarter decreased 46.9 percent to 12,334 million yen. According to Hoya, 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 Seiko Epson Corp., both recorded in the first quarter of last year. "On a local currency basis, the sales of [our] eyeglass business increased between 15 percent and 20 percent 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," he said. Hoya reported that revenue from health care related products such as eyeglass lenses and contact lenses totaled 45,261 million yen, an increase of 34.7 percent versus first quarter 2012. However, profit before tax declined significantly year on year. Revenue from medical related products, including intraocular lenses, totaled 15,498 million yen, up 12.7 percent from year ago. According to Hoya, the recovery of its eyeglass lens business from the Thai flooding, as well as the growth of its other Life Care businesses, including medical endoscopes and contact lenses, covered the decline in its Information Technology segment caused by shrinking demand for glass disks and optical lenses.