TOKYO—Hoya Corp. [Nikkei: 7741.T] posted net sales of 112.7 billion yen for the third quarter ended Dec. 31, 2008, a decrease of 23.3 percent from 147.0 billion yen in the third quarter of 2007. Hoya said the drop was mainly due to order decreases and the drop in the product price resulting from the global economic downturn in the main business fields such as the electro-optics and vision care, as well as Pentax that was included in the scope of consolidation during the same period of the previous year. Operating income for the third quarter fell 39.4 percent, to 16.6 billion yen, and net income was down 44.2 percent, to 12.6 billion yen.

For the first nine months ended Dec. 31, 2008, the company posted a 7.4 percent increase in net sales over the same period of 2007, to 371.2 billion yen, however, operating income fell 23.2 percent to 59.1 billion yen, and net income was down 12.8 percent, to 52.9 billion yen.

In its vision care unit, Hoya said sales of eyeglass lenses in the Japanese domestic market have continuously been in a slump due to price decline in the market. In overseas market, in addition to the economic slowdown, competition with lower price lenses has gradually intensified. The sales of the section decreased in comparison to the same period of the previous year. Sales amounted to 24,821 million yen and operating income amounted to 4,794 million yen.

In the health care division, Hoya reported that sales of contact lenses increased through the consulting sales and pricing strategies at our directly-owned stores. IOL (intraocular lens) showed a favorable trend for the soft lens. Sales increased for both businesses in comparison to the same period of the previous year. Sales amounted to 12,358 million yen and operating income amounted to 3,014 million yen.

"Global economic downturn continues to have a negative impact on the electro-optics business in this quarter," said Hiroshi Hamada, chief operating officer of Hoya. "However, our medical field is little-affected; especially our endoscopic system business under Pentax brand showed double-digit growth on a local currency bases. We will accelerate structural reforms and at the same time, pursue selective investment and strategic marketing in all fields."