Olympus posts decline in first-half profits, revenue

Olympus announced consolidated net profit for the first half year ended in September dropped 80.5 percent year-on-year to 7 billion yen (US$82.3 million) and operational profit down 27 percent to 20.8 billion yen (US$244.7 million) on declined sales of 417.3 billion yen (US$4.9 billion), a 4.2 percent fall, according to a report in JPEA Photo Electro News. The company attributed the profit decline mainly to slow going of the Imaging business division and sale of the analytical equipment business.

The Imaging Business unit’s sales declined 22.4 percent year-on-year to 68.17 billion yen (US$802 million) with operational loss of 3.38 billion yen (US$39.8 million). The Compact System Cameras, including PEN E-PL1 and compact cameras including Mju TOUGH and SP series with advanced features sold well but the appreciated yen and slow move in the low- end model sector, whose price competition got ever severer affected badly. The company sold 250,000 DSLR cameras during the half year, but did not reach expectations.