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Konica Minolta Holdings Inc said it has lowered its full-year to March 2005 earnings and revenue forecasts, citing severe price competition among makers of digital cameras and a delay in introducing new products in its information equipment business.
The company now sees year to March net profit of 7 bln yen, current profit of 55 bln and revenue of 1.06 trln yen, down from net profit of 25 bln yen, current profit of 70 bln yen and revenue of 1.1 trln yen estimated previously.
'Although we introduced high-end SLR digital camera products in the third quarter (to December), which raised the average price of digital cameras by 20 pct from a year earlier, the average price for the whole year (to March) is estimated to fall by 4 pct,' said Kiyofumi Tanida, head of accounting.
As a result, sales of its photo imaging division are now seen at 5 bln yen less than the previous estimate with operating profit 3.5 bln yen lower than the earlier estimate, the company said.
Global sales of digital cameras by volume are likely to stand at 2.83 mln units in the year to March 2005, slightly down from the previous estimate of 2.9 mln units, the company said.
In the mainstay information equipment division, sales are expected to decline by 20 bln yen and operating profit by 4 bln yen from the earlier forecasts, due to delays in releasing new color printers and monochrome high-speed printers.
The company also said it will book a special loss of 16 bln yen, after the adoption of asset-impairment accounting.
Read more at Konica Minolta cuts yr to March earnings forecasts on digicam price cometition Messenger | Yahoo! Finance-
Posted by Darren in our News category on March 19, 2005