|
Olympus profit slumps on digital camera price competition
|
|
|
|
|
Japanese camera and equipment maker Olympus Corp. said fierce competition saw
its net profit tumble 62.4 percent to 10.5 billion yen (103 million dollars) in
the nine months to December.
Recurring profit dropped 63.3 percent to 16.5 billion yen. "Although sales
volumes in digital cameras increased by 27 percent to seven million units in the
nine months to December, price reductions undermined our profits," Hideo Yamada,
Olympus director told reporters on Monday.
Revenue for the nine months rose 21 percent to 565.2 billion yen as sales in
three businesses -- medical, life-sciences and industrial equipment -- grew five
to 17 percent.
Olympus cut its year to March sales forecast by 10 billion yen to 830 billion
yen but it left unchanged its net and recurring profit projections unchanged at
13.5 billion yen and 23 billion yen, respectively.
"We aim to boost profits in the visual division next fiscal year by
implementing cost-cutting plans and releasing timely products," said Yamada,
without elaborating further.
|
