They blame it on covid-19. I think its right, Nikon was hit hard by the shutdown in China which occurred well before March 31. They did manage a 1.1% of sales profit, which is good considering the situation. However, Imaging lost a ton of money, it was industrial sales that saved them.
Each year, they seem to have a new plan to recover. I suspect that stockholders are getting very tired of the same old story.
Also, there is this flag note: Distributors suspended who sold a lot of mid and high end cameras??
Imaging Products approx.¥4.0B Due to product mix change by suspension of distributors mainly selling mid and high-end cameras, and
(Operating profit) delay of launch in main products including professional use products by stagnation of the supply chain. So, they lost 4 billion yen due to suspending distributors. That sounds like a great business plan!