Minebea profit drops on dimming backlight orders

Resource from: asia.nikkei.com Likes:210

Nov 01,2016

TOKYO -- Japanese components maker Minebea's operating profit likely fell 30% on the year to 18.5 billion yen ($176 million) for the April-September half on slowing sales of backlights for smartphones and a strong yen. Sales apparently dropped 8% to 270 billion yen. LED backlight orders slumped as smartphone makers saw sluggish sales. The Japanese currency was roughly 15 yen stronger against the dollar than a year earlier. Revenue took a hit of about 30 billion yen on the yen's appreciation against the dollar and currencies of emerging nations. Meanwhile, Minebea's mainstay bearings segment remained healthy, especially for bearings used in cars and home electronics. Energy-efficient devices often use miniature bearings, one of the company's strong suits. Bearings sales volume climbed to a record in September. April-September results are due out Wednesday. Projections for the full year will likely be maintained, with operating profit forecast to fall 13% to 45 billion yen.

(asia.nikkei.com)

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