Olympus has announced reduction in its camera business's losses but PEN sales have fallen behind expectations. The predominantly medical company said PEN sales had fallen 12% in the first quarter, but that it expected the year's income from mirrorless models to be consistent with last year's figure of ¥9bn ($90m). The company blamed the fall on its delay in releasing the E-P5 and said the camera business is on track to break even this financial year.

Meanwhile, as with other manufacturers, compact sales continued to fall but Olympus says its restructuring plan will allow it to 'move to a cost structure suitable for the scale of the business.' The plan includes cancelling development of low-price compacts, launching fewer compact models and closing three factories. The reduced losses this quarter were helped by successfully selling-off the large numbers of compacts the company had already made, at reduced prices.