Most of the time, yes. In the past decade there have been two short periods where Nikon has reported overall losses, one of which involved a lot of restructuring (of the Precision division). Profits are under pressure due to declining camera sales. However, note that even under the intense pressure of the declining camera market, Nikon’s net profit is close to 10% of their sales rate, which is considered decent for an older business, and particularly for one that’s not growing.