Japanese Camera Maker Firm Olympus Reports $412 Million Net Loss

Posted on Feb 13 2012 - 9:59am by Editorial Staff

The Japanese camera maker company Olympus on Monday reported a loss of $410 million full-year net loss, compared with a $75.24 million profit it made over the same time in the previous year. The losses are probably not expected to put the dampers on investment partners who are becoming interested in the outfit.

According to Reuters, the outfit was dragged down in larger parts by its ailing camera business and putting up its real figures in the wake of $1.7 billion accounting fraud. The company said it now expects a 32 billion yen ($412 million) net loss for the financial year ending March 31 but withdrew the estimate in the wake of the scandal.

Olympus President Shuichi Takayama reiterated on Monday stating, “the company was not in any concrete talks on tie-ups now and that any such steps must wait until the installation of new management” in any kind of compromise after its annual shareholders’ meeting which is scheduled in April.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.