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Olympus FY'18 profit, revenue up YOY; forecasts higher profit for FY'19

Olympus Corp. said its profit for the fiscal year ended March 31 rose 33.4% year over year while revenue increased by 6.2%.

The Tokyo-based maker of medical devices and digital cameras said profit attributable to owners of parent rose to ¥57.06 billion, or ¥166.77 per share, from ¥42.78 billion, or ¥124.96 per share.

Revenue for the fiscal year rose to ¥786.50 billion from ¥740.56 billion, fueled by higher sales in the medical as well as the scientific solutions businesses.

Sales from the imaging business, which makes digital cameras, declined 4% year over year to ¥60.30 billion.

For fiscal year 2019, Olympus forecast revenue to grow 1.7% year over year to ¥800 billion, with profit attributable to owners of parent expected at ¥59 billion, or ¥172.50.

The forecast also includes restructuring expenses related to its decision to shut down a camera plant in Shenzhen, China, and relocate the manufacturing to Vietnam.

The company, whose digital camera business is facing strong competition from smartphones, expects the restructuring to affect operating results by about ¥4 billion in costs in fiscal 2019.

The company also forecast a year-end dividend of ¥30 for the fiscal year ending March 31, 2019, compared to ¥28 for fiscal 2018.