News Column

Japan's Scandal-hit Olympus Returns to Black

Nov. 12, 2012

Olympus Corp posted a net profit of 12.5 billion yen (156.9 million dollars) in July-to-September, a turnaround from a net loss of 30.9 billion yen in the same period last year, the company said Monday.

The Japanese maker of cameras and endoscopes posted an operating profit of 15.9 billion yen in the quarter, up 23 per cent from 12.3 billion yen a year ago. Sales were little changed to 216.2 billion yen in the period from 215.9 billion yen.

Olympus said its operating profit in the medical business surged 32 per cent for the first half of the current financial year, bolstered by robust sales of endoscopes.

Olympus president Hiroyuki Sasa said the capital adequacy ratio had recovered to 3.7 per cent after falling to as low as 2.2 per cent in June after revelations of a cover-up of massive investment losses.

Olympus raised its net profit outlook to 8 billion yen for the financial year, ending March 31, from 7 billion yen projected in August, while trimming its operating profit forecast to 38 billion yen from 50 billion yen predicted three months ago due to poor sales of digital cameras.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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