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Konica Minolta cuts financial year forecast
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.