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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.
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