HOYA posts 47% drop in net profit in First Qua

HOYA Corp. said that its net profit for the First Quarter of 2013 dropped 47% yearon-year to 12.3 billion yen, on revenue of 100.4 billion yen, which saw a rise of 8%. The company said the decline was because of last year’s one-time profit because of the insurance income of 11.03 billion yen generated after it was affected by flooding in Thailand. Profit before tax also decreased 22.2% to 20.1 billion yen. The company’s Information Technology segment was particularly hard-hit, with sales of glass disks for HDDs and optical lenses declining due to a shift in demand from notebook PCs and compact cameras to smartphones and tablets.