News Column

Olympus Slashes Annual Profit Forecast

Feb. 12, 2013

Olympus Corp. cut its net profit outlook by 25 per cent to 6 billion yen (63.9 million dollars) for the current financial year because of poor sales of digital cameras, the company said Tuesday.

The Japanese maker of cameras and other optical products had predicted a net profit of 8 billion yen for the year through March.

Olympus also lowered its operating profit forecast to 35 billion yen from 38 billion yen estimated three months ago, while sales were projected at 740 billion yen, down from 757 billion yen it had predicted in November.

However, Olympus, which was involved in a cover-up of massive investment losses, narrowed its net loss to 391 million dollars in the October-to-December quarter from a net loss of 756 million dollars in the same period in 2011.

Olympus posted an operating profit of 6.57 billion yen in the quarter, down 22 per cent from 8.42 billion yen a year ago. Sales fell 26 per cent to 155.5 billion yen in the period from 210.1 billion yen.

Shares in Olympus closed down 1.52 per cent Tuesday to 2,077 yen, compared with 2,482 yen on October 13, 2011, a day before former president and chief executive Michael Woodford raised questions over inflated acquisitions at the centre of the scandal.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters