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Konica Minolta cuts financial year forecast

By dpreview staff on Mar 18, 2005 at 10:20 GMT

Konica Minolta lowered its forecast for the financial year ending March 2005 due to strong price competition in the digital camera market and delays in introducing new products in its information equipment business. Konica Minolta, which announced its merger in January 2003, foresees a 72% drop in net income from ¥25 bn ($240 m) to ¥7 bn ($67 m) on net sales of ¥1.06 trillion ($10.1 bn), down 3.6% from the previously forecast ¥1.1tr ($10.5 bn). The camera manufacturer will also accept an extraordinary write-off of ¥5.4 bn ($51.2 m). Konica Minolta stocks are currently trading below their issuing price, with total stock capital ¥30 bn ($287.5 m) below full value.

Click here to read the story from Yahoo!

Click here to read the revised financial forecast from Konica Minolta

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