Konica Minolta Holdings Inc. reported a 54.31 billion yen net loss for fiscal 2005 on Thursday, as it wrote down fixed assets following a decision to withdraw from the camera and film business.
In its earnings report for the year to March 31, the company said the loss marked a sharp reversal from the previous business year’s net profit of 7.52 billion yen.
It blamed the loss mainly on two one-time costs — a 96.63 billion yen writedown of fixed assets and 6.48 billion yen in retirement payouts — both of which resulted from the company’s withdrawal from the camera and film markets.
But the company’s pretax and operating profits both hit record highs with its pretax profit jumping 43.3 percent to 76.84 billion yen and operating profit climbing 23.4 percent to 83.42 billion yen.
Group sales eked out a 0.1 percent gain to 1.07 trillion yen. The company’s net loss came to 102.29 yen per share, compared with the previous year’s net profit of 14.11 yen per share.
The company said the pretax and operating profit numbers came from cost-cutting efforts and new product releases that helped make up for lower color laser printer and digital camera prices.
Multifunction and computer printers, the firm’s largest segment, saw sales rise 2.6 percent to 610.22 billion yen.
Konica Minolta said it will not pay a dividend for fiscal 2005, compared with 10 yen for the previous fiscal year.
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