Nikon expands loss forecast for FY 2009

Wed. August 05, 2009; Posted: 09:21 AM

TOKYO, Aug 05, 2009 (Kyodo News International - McClatchy-Tribune Information Services via COMTEX) -- NINOY | Quote | Chart | News | PowerRating -- Nikon Corp. said Wednesday it has expanded its projected loss for fiscal 2009 as it expects to book inventory disposal and valuation losses worth nearly 30 billion yen in its precision equipment division.

In the revised group earnings projection for the year to next March 31, Nikon anticipates a net loss of 28 billion yen and an operating loss of 30 billion yen, compared with the corresponding figures of 17 billion and 12 billion yen in its May forecast.

But the major Japanese camera maker raised its sales estimate to 710 billion yen from 680 billion yen as demand for imaging products bottomed out in the last quarter of fiscal 2008.

Nikon also said it incurred a group net loss of 4.00 billion yen in the April-June quarter of fiscal 2009, a reversal from a profit of 17.95 billion yen a year earlier, and an operating profit of 730 million yen, down 97.5 percent, on a 26.4 percent fall in sales to 175.15 billion yen.

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