Nikon has published a revised financial forecast, releasing its 2020 fiscal year financial results, and announcing it has had to cut ten percent of its workforce in Laos and Thailand.
According to the financial report, the company is seeing a 16.6% drop year on year, with operating profit seeing a drop of almost 92% compared to last year’s report.
Due to a decrease in camera sales, Nikon has had to cut 10% of its workforce in Thailand and Laos, laying off 700 employees, according to a report in the Nikkei Asia Review.
CFO Muneaki Tokunari warned in a news conference that sustained losses will continue.
“We have to prepare for two straight annual losses,” said Tokunari, as the company expects the imaging business will not recover for some time.
Nikon established a factory in Savannakhet in 2013 to assist its Thailand factory in the production of SLR cameras and lenses.