TOKYO, JAPAN: Olympus said on Monday (12 November) it had swung to a US$100 million first-half profit, reversing earlier losses, as the camera and medical equipment maker moves on after an embarrassing accounting scandal.
The company said it earned a net profit of ¥8.02bn yen for the six months to September, from a loss of ¥32.33bn, while also upping its full-year profit forecast to ¥8.0bn from ¥7.0bn.
However, the firm chopped its operating profit and full-year revenue outlook to ¥38bn and ¥757bn, respectively, down from an earlier forecast of ¥50bn and ¥920bn.
Olympus's reputation was badly damaged after its British former chief executive blew the whistle last year on an accounting scam that saw US$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 company Sony said it would invest ¥50bn 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, controlling about three-quarters of the market.
Source: AFP via I-Net Bridge
I-Net Bridge For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field. Go to: http://www.inet.co.za
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.