The Straits Times
Published on Nov 12, 2012

Japan's Olympus swings to $122.5 million first-half profit


TOKYO (AFP) - Olympus said on Monday that it had swung to a US$100 million (S$122.5 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 (S$125 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.

Its 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.