Nikon FQ1 Net Profit Down 48.6%

Nikon

reported a 48.6% drop in its net profit in the fiscal first quarter. Nikon's quarterly net profit fell to 15.77 billion yen (around $200 million), from Y30.68 billion, in the year-ago quarter. Its sales climbed 5.6% to Y259.43 billion from Y245.57 billion, while operating profit fell 36.7% to Y23.37 billion from Y36.92 billion. For the full fiscal year through March 2013, Nikon now projects a net profit of Y60 billion, versus its earlier view of Y65 billion. It now expects sales of Y1.02 trillion, down from Y1.030 trillion. Nikon shares closed at $286.00 yesterday.