Hoya - Acquisitions Continue Despite Fall In Group Profit

Hoya Corp reported a group recurring profit for the April-June quarter down 6.3% from a year earlier to 8.46bn yen because of currency exchange losses. Group sales decreased 4.8% to 48.9 bn yen in the first quarter of the current business year, the major optical glassmaker said. But group net profit edged up 1.1% to 4.83bn yen, thanks to a reduction in the corporate tax rate for the company. By sector, sales in the electrooptics business, including memory disks for hard disk drives, fell 6% to 20.9bn yen.