Hoya Results

Hoya Corp., of Japan, said recently its recurring profit in the latest business year to March dropped 23.6% from the previous year to Y 15,251m. Annual sales came to Y 120,027, down 7.5%. After-tax profit totalled Y 9,178m, up 4%. Despite recurring profit and sales declines, the company said it plans to increase its annual dividend payment to Y 28/share, up from the previous year's Y 23/share, in an effort to pass on profits to shareholders, company officals said. On a consolidated basis, Hoya's recurring profit plunged 23% to Y 24.2bn, hit by a rise in depreciation expenses. Hoya group sales amounted to Y 193.5bn, almost unchanged from the previous year.