Olympus projects 412-million-dollar net loss for fiscal 2011

Feb 13, 2012, 7:22 GMT

Tokyo - Olympus Corp said Monday it expected a net loss of 32 billion yen (412 million dollars) for the financial year through March as the company has been reeling from the revelation of a cover-up of massive investment losses.

The embattled Japanese maker of camera and medical equipment also posted a net loss of 756 million yen for the October-December quarter, a reversal from a net profit of 2.04 billion yen in the same period in 2010.

Olympus booked an operating profit of 8.42 billion yen for the quarter, compared with a profit of 9.66 billion yen a year earlier, while sales edged up 1.7 per cent year-on-year to 210.1 billion yen.

The company also projected an operating profit of 36 billion yen for the financial year on sales of 854 billion yen.

Olympus said in January that company president Shuichi Takayama and five of the other 11 board members would step down after a shareholders meeting to be held in late April.

The company filed a lawsuit against current and former executives including Takayama and ex-chairman and president Tsuyoshi Kikukawa over the cover-up of in investment losses.

Shares in Olympus closed up 0.39 per cent Monday.

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