Olympus has slashed operating losses in its camera division by 82% and reported a rise in sales of compact system cameras.
Olympus’s Imaging Systems Business cut its year-on-year losses from 11,710 million yen (£75.5m), to 2,064 million, yen (£13.3m) for the 12 months up to 31 March 2016.
The company attributed the ‘massive reduction’ to a fall in expenses following restructuring.
Mirrorless camera sales proved strong over the 12 months.
Sales of Olympus compact system cameras rose 5%, fuelled by OM-D cameras, the recently announced Pen-F, and M Zuiko Digital Pro series lenses.
Unsurprisingly, compact camera sales were down 15% as Olympus continued to limit the number of units available in response to ‘market shrinkage’.
‘Consequently, sales in the Imaging Systems Business, overall, decreased year on year,’ the company explained in its latest financial statements.
The full-year results mark an improvement over the last three months of 2015 when mirrorless camera sales dropped 6%, year-on-year, and sales of compact cameras plunged 22%.
Furthermore, year-on-year, compact system camera sales declined 11% in the first quarter of 2016.