Pentax has announced that its profits fell by 42% in the fiscal first quarter, compared to the previous year, reports the International Herald Tribune. Net income fell to ¥261m (US$2.32) from ¥448m (US$3.97m) the previous year. The loss is blamed on ever decreasing profit margins on compact digital cameras and the company says it plans to focus on the "more profitable single-lens reflex digital camera to offset price declines in compact types" as well as "raise the pace of new model introductions to three per year from two, starting this year," says Fumio Urano, Pentax president. Urano said that the company will also cut 300 jobs in the next two years.

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