Olympus Gains After Raising Net Income Forecast: Tokyo Mover
Olympus Corp. (7733), the camera and endoscope maker that admitted an accounting fraud, rose the most in three months in Tokyo trading after raising its annual net income forecast following cost cuts and the sale of assets.
Olympus jumped 7.7 percent to 1,340 yen as of 9:45 a.m. local time, heading for its biggest gain since July 26. The benchmark Nikkei 225 Stock Average rose 0.4 percent.
Net income will be 8 billion yen ($101 million) in the 12 months ending March, up from an earlier forecast of 7 billion yen, Tokyo-based Olympus said in a statement yesterday. The company posted first-half profit of 8 billion compared with a loss of 32.3 billion yen a year earlier.
While the company raised its net income forecast, it lowered expectations for full-year operating profit to 38 billion yen from a previous forecast of 50 billion yen.
The stock has more than doubled in the past year following a plunge of as much as 81 percent after Olympus’s board in October 2011 fired President Michael Woodford, who had questioned fees paid by the company for takeovers.
To contact the reporter on this story: Kanoko Matsuyama in Tokyo at firstname.lastname@example.org