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Article: OLYMPUS SLIPS TO RECORD US$1.2 BLN NET LOSS ON GOODWILL CHARGES.(Financial report)
- Article from:
- AsiaPulse News
- Article date:
- May 13, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TOKYO, May 13 Asia Pulse - Olympus Corp. (TSE:7733) reported Tuesday a record group net loss of 114.8 billion yen (US$1.2 billion) for the year ended March 31, an about-face from the 57.9 billion yen net profit of fiscal 2007.
Sales slumped 13 per cent on the year to 980.8 billion yen, while operating profit plunged 69 per cent to 34.5 billion yen. Results were weighed down by a combined 76.2 billion yen write-off of goodwill stemming from a number of subsidiaries, including information technology firm ITX Corp., whose stock price nosedived.
"We made conservative valuations in line with internal rules," explained Hisashi Mori, an Olympus director.
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