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Japan's Olympus swings to $100 million first-half profit  Join our daily free Newsletter

MENAFN - AFP - 12/11/2012

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(MENAFN - AFP) Olympus said Monday it had swung to a 100 million first-half profit, reversing a year-earlier loss, as the camera and medical equipment maker moves on from an embarrassing accounting scandal.

The company said it earned a net profit of 8.02 billion yen (100 million) for the six months to September, from a loss of 32.33 billion yen, while also upping its full-year profit forecast to 8.0 billion yen from 7.0 billion yen.

However, the firm chopped its operating profit and full-year revenue outlook to 38 billion yen and 757 billion yen, respectively, down from an earlier forecast of 50 billion yen and 920 billion yen.

Olympus's reputation was badly damaged after its British former chief executive blew the whistle last year on an accounting scam that saw 1.7 billion worth of losses moved off its balance sheet.

The firm has since announced a major overhaul that includes cutting about seven percent of its workforce, while its new boss had publicly said he was seeking a capital injection to shore up the company's finances.

In September, consumer electronics giant Sony said it would invest 50 billion yen in Olympus, citing its desire to tap the lucrative medical equipment business as its mainstay television business struggles.

Olympus dominates the global market for endoscopes, which are used for internal medical examinations, with nearly three-quarters of the market.


 






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