Olympus was losing $ 350,000 a day in the photography business

Olympus was losing $ 350,000 a day in the photography business

Olympus has published a report for the next quarter. She had it in the third quarter of the 2021 fiscal year, which coincides with the fourth quarter of the 2020 calendar year.

The compilers of the report note that the company managed to return to the growth of financial indicators. This was mainly due to the contribution of the endoscope division. This increased the forecast for revenue and operating profit for the year as a whole.

More specifically, compared to the same period in the previous fiscal year, the manufacturer was able to increase revenue by 2% – from 192.9 billion yen to 197.1 billion yen. Taking into account the change in exchange rates, the growth is even 4%. Operating profit in annual terms increased by 19% (23% adjusted for changes in the exchange rate) – from 28.9 billion yen to 34.4 billion yen.

The aforementioned endoscope business increased revenue by 4% (6% adjusted for the exchange rate) to ¥ 112.4 billion, and operating profit by 9% (11%) to ¥ 34.7 billion. Two other main lines of business were also profitable – the production of medical and scientific equipment.

As for the photographic equipment division, it is known to have been transferred to a new owner at the beginning of the year, so this was the last Olympus report to show its performance.

For the quarter, losses associated with the photo business amounted to 3.5 billion yen. A more visual representation of this indicator looks like this: during the last quarter before transferring the photo business to a new owner, Olympus lost about $ 350,000 a day on it. Note that this amount does not include costs of about $ 500 million related to the transfer of the unit.

Olympus was losing $ 350,000 a day in the photography business

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