Olympus and Casio profits hit

Camera makers Olympus and Casio have today reported net losses in the year to 31 March, but both firms expect to make a profit in the coming year.

Olympus reported a net loss of 114.8 billion yen, while Casio's net loss amounted to 23.1 billion yen.

In a statement Casio blamed a market of falling prices, plus 'drastic changes in the business environment' and the impact of a weak Euro.

Digital camera sales revenue at Olympus dropped 30.2% on the year before, mainly owing to a 31.6% fall in overseas sales.