TOKYO: Japan's Olympus said Thursday it lost $57 million last quarter as the scandal-hit camera and medical equipment maker looks for outside investors after a loss cover-up scandal last year.
The firm logged a net loss of 4.46 billion yen ($57 million) in the April-June period, compared with a 1.42 billion yen net loss a year ago as a strong yen and losses in its camera business weighed on earnings.
Operating profit dived 59.6 per cent to 2.12 billion yen on sales of 189.54 billion yen, down 4.5 per cent on-year, it said.
For the full year to March, Olympus said it expected to book a net profit of 7.0 billion yen on sales of 920 billion yen.
Olympus's reputation, and Japan's corporate governance image, were badly damaged after its British former chief executive blew the whistle over $1.7 billion worth of losses that the company had moved off its balance sheet.
The firm initially denied allegations it had used past acquisitions and outsized consultant fees to hide the huge losses dating back to the 1990s, but eventually admitted wrongdoing.
In March, the company and three former senior executives -- including ex-president Tsuyoshi Kikukawa -- were charged over their role in the scandal.
Olympus has since announced a major overhaul that includes cutting about seven percent of its workforce, while its new chief has publicly said he is seeking a capital injection from investors to shore up the company's finances.
The firm's balance sheet deteriorated since the accounting scandal. Olympus reported a net loss of 48.99 billion yen in the fiscal year to March. Olympus shares closed 2.18 per cent lower at 1,434 yen in Tokyo trade with its earnings released after markets closed.
indiatimes.com
The firm logged a net loss of 4.46 billion yen ($57 million) in the April-June period, compared with a 1.42 billion yen net loss a year ago as a strong yen and losses in its camera business weighed on earnings.
Operating profit dived 59.6 per cent to 2.12 billion yen on sales of 189.54 billion yen, down 4.5 per cent on-year, it said.
For the full year to March, Olympus said it expected to book a net profit of 7.0 billion yen on sales of 920 billion yen.
Olympus's reputation, and Japan's corporate governance image, were badly damaged after its British former chief executive blew the whistle over $1.7 billion worth of losses that the company had moved off its balance sheet.
The firm initially denied allegations it had used past acquisitions and outsized consultant fees to hide the huge losses dating back to the 1990s, but eventually admitted wrongdoing.
In March, the company and three former senior executives -- including ex-president Tsuyoshi Kikukawa -- were charged over their role in the scandal.
Olympus has since announced a major overhaul that includes cutting about seven percent of its workforce, while its new chief has publicly said he is seeking a capital injection from investors to shore up the company's finances.
The firm's balance sheet deteriorated since the accounting scandal. Olympus reported a net loss of 48.99 billion yen in the fiscal year to March. Olympus shares closed 2.18 per cent lower at 1,434 yen in Tokyo trade with its earnings released after markets closed.
indiatimes.com
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