Nikon posts record net loss in FY2020

Nikon posts record net loss in FY2020

Japanese precision equipment maker Nikon, known around the world for its digital cameras, has reported its worst ever fiscal year performance, with sales taking a battering from the coronavirus pandemic.

Nikon posted a record net loss of 34.4 billion yen, or about 314 million dollars, for the business year that ended in March. The slump, largely due to people spending more time indoors, represents a dramatic reversal from the previous fiscal year, when the firm logged a net profit of 7.6 billion yen.

The pandemic has compounded a slide in sales for makers of digital cameras that began when smartphones started eating into the market.

Nikon is feeling more bullish about the current fiscal year. Executives are forecasting a net profit of 16 billion yen, or about 146 million dollars. They expect demand for cameras will pick up as the impact of the COVID crisis eases.

Title: Nikon posts record net loss in FY2020
Sourced From: www3.nhk.or.jp/nhkworld/en/news/20210513_33/
Published Date: 05/15/21

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