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Fujifilm quarterly profit drops on higher costs, but full-year profit rises

FUJIFILM Holdings Corp.'s net income dropped in its fourth fiscal quarter from the same period a year earlier due to higher operating expenses, but its full-year income rose from the prior year.

Net income attributable to the company fell 69.3% to ¥16.18 billion for the quarter that ended March 31 from ¥52.77 billion in the prior-year period.

Revenue came in at ¥623.68 billion for the quarter, down 1.0% from ¥629.90 billion, due to weak revenue from the company's document solutions business, which fell 8.4% to ¥266.27 billion from ¥290.83 billion.

Revenue from imaging solutions was ¥85.77 billion, compared with ¥84.96 billion in the prior-year period, while healthcare and material solutions revenue totaled ¥274.64 billion, up year over year from ¥257.36 billion.

Operating income dropped 96.1% to ¥2.09 billion from ¥53.96 billion, as operating expenses for the quarter totaled ¥239.40 billion, up 24.7% from ¥191.93 billion in the same quarter a year earlier.

In full-year terms, Fujifilm's net income stood at ¥140.69 billion, or ¥321.55 per diluted share, in fiscal 2018, compared with ¥131.51 billion, or ¥295.22 per diluted share, in fiscal 2017.

For fiscal 2019, the company expects net income of ¥130 billion, or ¥302.16 per share.

As of May 17, US$1 was equivalent to ¥110.82