Olympus was losing $ 350,000 a day in the photography business

Olympus has published a report for the next quarter. She had it in the third quarter of fiscal year 2021, which coincides with the fourth quarter of the 2020 calendar year.

The compilers of the report note that the company managed to return to the growth of financial indicators. This was mainly due to the contribution of the endoscope division. This allowed us to improve the forecast of revenue and operating profit for the year as a whole.

More specifically, compared to the same period in the previous fiscal year, the manufacturer was able to increase revenue by 2% – from 192.9 billion yen to 197.1 billion yen. Taking into account the change in the exchange rate, the growth is even 4%. Operating income in annual terms increased by 19% (23% adjusted for changes in the exchange rate) – from 28.9 billion yens to 34.4 billion yens.

The aforementioned endoscope business increased revenue by 4% (6% adjusted for the exchange rate) to ¥ 112.4 billion, and operating profit by 9% (11%) to ¥ 34.7 billion. Two other main areas of activity were also profitable – the production of medical and scientific equipment.

As for the photographic equipment division, it is known to have been transferred to a new owner at the beginning of the year, so this was the last Olympus report on its performance.

For the quarter, losses from the photography business totaled 3.5 billion yen. A more visual representation of this indicator looks like this: during the last quarter before the transfer of the photo business to the new owner, Olympus lost about $ 350,000 a day on it. Note that this figure does not include costs of about $ 500 million associated with the transfer of the unit.