Japan's Olympus cuts full-year earnings forecast
TOKYO (AFP) - Japan's Olympus on Tuesday cut its full-year earnings forecast citing weak demand for digital cameras as the troubled company looks to jump back to profitability after an embarrassing accounting scandal.
The camera and medical equipment maker said it now expected a net profit of 6.0 billion yen (S$79 million) in the fiscal year to March, down from an earlier 8.0 billion yen forecast.
Sales would be 740 billion yen, down 2.2 per cent from a previous estimate.
However, for October-December, Olympus said it booked a net loss of 391 million yen, well below a 756 million yen net loss in the same quarter a year earlier. Quarterly sales were 26 per cent lower at 155.46 billion yen, it said.