Wednesday, September 18, 2002
Minolta shares jump on sunny profit outlook
REUTERS
Shares in Japanese camera and copier maker Minolta soared over 10
per cent on Wednesday after a report that it would post a first-half group
operating profit of 12 billion yen (HK$756.4 million).
Minolta, which had forecast an operating profit of eight billion yen for
the half-year to September, later said that its operating profit outlook
was largely in line with the report in the Nihon Keizai Shimbun.
The newspaper said Minolta, which suffered a 2.9 billion yen group
operating loss in the same period last year, would post the
better-than-expected results thanks to strong sales of office information
equipment, cameras and other optical products, plus the effect of a
payroll cut.
"We can't confirm the exact figure, but the newspaper arrived at its
operating profit calculations after meeting with us and discussing sales
trends and other factors," Minolta spokesman Yutaka Yoshikai said.
"It is largely in line with our current outlook."
Shares in Minolta were up 10.56 per cent at 398 yen at 0200 GMT, whereas
the benchmark Nikkei average was down 2.47 per cent.
The company said its group sales outlook for the first half of the year to
March was also in line with the newspaper's calculation of a seven per
cent year-on-year rise to 260 billion yen.
The Nihon Keizai also said Minolta's group net profit for the first half
was likely to beat the company's forecast of two billion yen, but Minolta
said that figure was based solely on the newspaper's calculations.
For the full year, Minolta is likely to post a 400 per cent rise in group
operating profit to more than 20 billion yen, on a four per cent rise in
sales to 530 billion yen, the paper said.