Konica Minolta Lowers Annual Profit Forecast22 Mar, 2005
Konica Minolta Lowers Annual Profit Forecast
Konica Minolta has slashed its annual profit forecast by 72 percent, citing falling camera prices and a delay in releasing new copiers.
Net income is expected to be 7 billion yen, or $67.2 million, for the year ending March 31, the company said in a statement. Konica Minolta earlier had forecast a 25 billion yen profit.
The company, set up after Konica and Minolta merged in August 2003, is trying to compete against Canon and Xerox for office equipment orders as users replace older monochrome copiers and printers with color models.
"There is about a two to three month delay in introducing the new color, multifunction copier we had planned to start selling in the fiscal third quarter," Masanori Hondo, a Konica Minolta executive, said at a briefing.
The company also expects to delay the release of a black and white copier until next business year, he said.