Nikon lays off staff in Thailand, Laos

Japanese imaging equipment maker Nikon Corporation after delivering a devastating annual report for its financial year ending March 31, 2020, and a revised forecast for the current year battered by the coronavirus crisis, cut the number of employees in its imaging business by 700 at its factories in Thailand and Laos, according to a report in the Nikkei Asian Review.

This translates to around ten percent of the company’s workforce in each of those locations. Nikkei reports that Nikon has been laying off the staff under an “early retirement” scheme since last autumn.

Nikon as a whole reported $5.48 billion in revenue, which represents a 16.6 per cent drop year over year. Operating profit came in at $62 million for 2020, an even more severe drop of almost 92 per cent compared to the previous financial year.

The imaging business reported revenues of $2.09 billion, which represents a drop of 23.7 per cent year-on-year. Operating profit for the imaging division was in the deep red with a loss of $158.6 million for 2020. That’s a drop of almost $325 million compared to last year, when Nikon posted positive profits of nearly $210 million.

Nikon chief financial officer Muneaki Tokunari warned that the bleeding will not be over any time soon.

“We have to prepare for two straight annual losses,” he said, noting that imaging business will likely not recover for some time.

Nikon operates a manufacturing site at an industrial park in Ayutthaya, north of Bangkok, where it produces camera equipment. In Laos, the Japanese corporation opened a DSLR camera manufacturing site in 2013 in the Savan-Seno Special Economic Zone in Savannakhet in southern Laos.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

Japanese imaging equipment maker Nikon Corporation after delivering a devastating annual report for its financial year ending March 31, 2020, and a revised forecast for the current year battered by the coronavirus crisis, cut the number of employees in its imaging business by 700 at its factories in Thailand and Laos, according to a report in the Nikkei Asian Review. This translates to around ten percent of the company's workforce in each of those locations. Nikkei reports that Nikon has been laying off the staff under an “early retirement” scheme since last autumn. Nikon as a whole reported $5.48 billion...

Japanese imaging equipment maker Nikon Corporation after delivering a devastating annual report for its financial year ending March 31, 2020, and a revised forecast for the current year battered by the coronavirus crisis, cut the number of employees in its imaging business by 700 at its factories in Thailand and Laos, according to a report in the Nikkei Asian Review.

This translates to around ten percent of the company’s workforce in each of those locations. Nikkei reports that Nikon has been laying off the staff under an “early retirement” scheme since last autumn.

Nikon as a whole reported $5.48 billion in revenue, which represents a 16.6 per cent drop year over year. Operating profit came in at $62 million for 2020, an even more severe drop of almost 92 per cent compared to the previous financial year.

The imaging business reported revenues of $2.09 billion, which represents a drop of 23.7 per cent year-on-year. Operating profit for the imaging division was in the deep red with a loss of $158.6 million for 2020. That’s a drop of almost $325 million compared to last year, when Nikon posted positive profits of nearly $210 million.

Nikon chief financial officer Muneaki Tokunari warned that the bleeding will not be over any time soon.

“We have to prepare for two straight annual losses,” he said, noting that imaging business will likely not recover for some time.

Nikon operates a manufacturing site at an industrial park in Ayutthaya, north of Bangkok, where it produces camera equipment. In Laos, the Japanese corporation opened a DSLR camera manufacturing site in 2013 in the Savan-Seno Special Economic Zone in Savannakhet in southern Laos.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply