Kodak?s boss has welcomed news that the company halved its net loss in the first quarter of 2007 compared to the same period the year before.

Eastman Kodak has reported a net loss of $151m for the first three months of 2007, an improvement on the same period in 2006 when it recorded a net loss of $298m.

Eastman Kodak chairman and CEO Antonio M Perez (pictured) said: ?I am very pleased with our first quarter performance in which we made significant progress on our two key objectives for 2007 ? new product success and cost reduction.?

However, total sales fell by 8% to $2.119billion, compared to 2006. Revenue from traditional products fell 13% and digital sales revenue dropped 3% to $1.210billion.

Meanwhile, Perez said he is ?encouraged by the enthusiastic consumer response? to the company?s new line of inkjet printers, which are due on sale in the UK next month.

Perez said Kodak hopes to sell 500,000 of its new printers this year and confirmed plans to invest up to $50m more in the inkjet market this year. He said part of this cash will be used to ?boost new product development?.

Earlier today we reported Kodak?s refusal to reveal the maximum print resolution of its new inkjet printers. For details click here:Kodak printer mystery