KONICA-MINOLTA FALLS DEEP INTO THE "RED"

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KONICA-MINOLTA FALLS DEEP INTO THE "RED"

 user 2006-05-15 at 10:33:00 am Views: 70
  • #15431

    Konica Minolta Shares Have Biggest Drop in Almost Five Years
    Konica Minolta falls deep in red as it exits cameras
    TOKYO
    : Japan’s Konica Minolta said Thursday that it had fallen even deeper
    into loss in the year to March than expected as it overhauls its
    operations in response to falling sales of traditional film
    cameras.Konica Minolta Holdings Inc, which in January announced plans
    to stop all camera production, swung to a full-year net loss of 54.31
    billion yen (488.35 million dollars) from a profit of 7.52 billion a
    year earlier.The company had previously forecast an annual net loss of
    47 billion yen.Operating profit climbed 23.4 percent to 83.42 billion
    yen on revenue of 1.07 trillion yen, up 0.1 percent, Konica Minolta
    said in a statement.The group, formed through the 2003 merger of Konica
    and Minolta, has previously announced plans to reduce its global
    workforce by 3,700 or about 11 percent by 2007 under a restructuring
    package.Konica Minolta is selling part of its business making
    single-lens reflex digital cameras to Sony and will also gradually stop
    making camera film by 2007 to focus on its more profitable optics and
    medical imaging activities.The company forecast a return to the black
    in the year to March 2007 when it expects a net profit of 30 billion
    yen on revenue of 980 billion yen.