OKI Posts Extraordinary Loss Due to Thailand Floods
TOKYO – OKI announced that it has posted extraordinary loss (loss on natural disasters) due to the flood damage in Thailand in its financial results for the first nine months of the fiscal year ending March 31, 2012.
OKI’s extraordinary loss related to the flooding in the Thailand OKI Data manufacturing (Thailand), a consolidated subsidiary of OKI located at the Rojana Industrial Park in Ayutthaya Province, central Thailand, which was exposed to water following the flood in October 2011. Operations at the manufacturing facility were temporarily suspended since October 6, 2011, and OKI has put in place alternative manufacturing solutions, which started November 7, 2011. OKI Data Manufacturing (Thailand) partially resumed operations on January 4, 2012, and the company expects to return to full-scale operations at the end of March 2012.
Following the flood damage, OKI posted 2.7 billion yen for loss on fixed assets and inventories as well as recovery expenses as "loss on natural disasters" in its financial results for the fiscal year ending March 31, 2012.
OKI expects additional outlay until the facility resumes full-scale operations. However, the damaged fixed assets were covered by property insurance, so considering the receipt of insurance, the company projects impact on its overall extraordinary loss to approximate 1.5 billion yen.
Full year projections for the fiscal year ending March 31, 2012 (announced Feb, 3, 2012):
Net sales: 428.0 billion yen
Operating income: 17.0 billion yen
Recurring income: 13.0 billion yen
Net income: 6.5 billion yen
Net income per share: 7.09 yen
The projections and plans on this release are subject to change depending upon the changes of business environments and other conditions.