More Sites

Camera-maker Olympus posts nine-month loss

Reported by AAP
Monday, February 13, 2012
World's kookiest billionairesBillionaires and their eccentric and outlandish publicity stunts.

Scandal-hit Olympus has reported a net loss of Y33.08 billion ($A399.85 million) for the nine months to December amid a massive accounting cover-up that has tarnished the image of corporate Japan.

For the full-year to March, the camera maker said on Monday that it expected a net loss of Y32 billion ($A386.80 million), owing to one-off costs unrelated to the scandal.

The forecast is the first since the scandal broke last year, with the company previously saying it could not make a full-year projection because it did not know the full ramifications of the scandal.

Olympus's admission that a small group of top executives used overpriced deals to cover up bad investments dating back to the 1990s has shaken confidence in Japanese corporate governance.

For the nine months to December, Olympus reported that operating profit fell 19 per cent year-on-year to Y25.9 billion ($A313.07 million) on sales of Y624.6 billion ($A7.55 billion), which were up 0.1 per cent.

02/10/2014 04:17Sydney, Australia. 2 October,2014
advertisement