Japan's Fujifilm says annual profits triple
TOKYO (AFP) — Japan's Fujifilm Holdings Corp. said Monday its net profit tripled to 104.43 billion yen (1.0 billion dollars) in the year to March on robust sales of medical equipment and flat panel display materials.
Fujifilm, which owns three quarters of photocopier manufacturer Fuji Xerox, also attributed the higher profit to a weaker yen and cost reductions.
Operating profit surged by 83.4 percent to a record 207.34 billion yen as revenue gained 2.3 percent to an all-time high 2.85 trillion yen.
Earnings were boosted by a weaker yen against the euro and the absence of restructuring costs that had hit its bottom line the previous year as it sought to adapt to the industry shift to digital photography.
Fujifilm forecast a modest improvement in both sales and profit for the current financial year to March 2009, projecting a net profit of 110 billion yen and operating profit of 210 billion yen on revenue of 2.90 trillion yen.
The company said conditions were becoming increasingly tough due to surging raw material prices and a stronger yen, but it aims to offset such negative factors with further cost cuts and restructuring measures.
