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Olympus posts net loss of $426m for nine month-period
13.02.2012
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Financial Results, Accountancy, Management, Corporate Governance, World Economy, Gadgets, Finance & Tax
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Japan,
Controversy-laden camera and medical supplies manufacturer Olympus has today reported a net loss of 33.08bn yen ($426m) for the nine months to December. It expects full year net losses to total 32bn yen. The huge debts are mainly due to losses in its camera business and tax asset write-downs.
Scandal has been swirling round the company since October when the company fired its British chief executive Michael Woodford in October, after he raised concerns about dubious book-keeping.
Since then, Olympus has admitted it used improper accounting to conceal massive investment losses under a scheme that began in the Nineties. It is currently under investigation by law enforcement agencies in Japan, Britain and the United States.
In December, Olympus filed five years' worth of corrected earnings statements to sort out its accounts. It stated that as of the end of September net assets had dwindled to 46bn yen, from a restated 225bn yen in March 2007.
For the nine months to December, Olympus reported that operating profit fell 19pc year-on-year to 25.9bn yen on sales of 624.6bn yen, which were up 0.1pc.
However there was some light at the end of the tunnel: Olympus' core endoscope business may survive the scandal untarnished as operating profit in its medical systems business rose 7pc year-on-year to 18.87bn yen during the quarter.
Olympus president Shuichi Takayama today gave some indication today that the company may try to go it alone without seeking outside capital, despite Sony, Fujifilm, Terumo and Samsung Electonics all believed to be interested in investing.
He reiterated that any decision on this must wait until the installation of new management after its annual shareholders' meeting in April, but added that continuing business without boosting capital was also an option.
"I think it's a possibility," Takayama told reporters.
Categories:
Financial Results, Accountancy, Management, Corporate Governance, World Economy, Gadgets, Finance & Tax
Tags:
Japan,