Casio Computer Co. swung back into the black in fiscal 2002 thanks to cost-cutting efforts and increased sales in its electronics business, the office equipment and consumer electronics manufacturer said Wednesday.
It reported a group net profit of 5.65 billion yen, marking a turnaround from a 24.93 billion yen loss the previous year, when the company booked massive restructuring costs and stock-valuation losses.
Casio posted a group pretax profit of 12.27 billion yen, up from a loss of 17.82 billion yen a year earlier, and sales rose 15.3 percent to 440.57 billion yen.
In the electronics division, sales grew 17.1 percent to 350.1 billion yen, driven by the popularity of the Exilim wearable card camera that was launched in June, as well as robust sales of camera-equipped third-generation mobile phones, Casio said.
The strong results in its mainline business helped Casio turn an operating profit of 17.91 billion yen, up from a loss of 10.42 billion yen the previous year.
For the current business year, Casio is forecasting a net group profit of 8 billion yen on sales of 480 billion yen.