Olympus puts accounting fraud behind it by swinging into black

City A.M. Reporter
TROUBLED Japanese electronics firm Olympus swung to its first profit since 2010 yesterday as it put a £1.1bn accounting scandal behind it.

The company, which makes optical medical equipment as well as digital cameras, reported an ¥18bn (£143m) pre-tax profit in the six months to October, compared to a ¥6.6bn loss in the same period last year.

However, it warned of further troubles in its camera business, which has suffered as the popularity of smartphones has risen.

The company is still reeling from an accounting scandal. In September it admitted to covering up losses linked to risky investments in the five years leading up to 2011.

Olympus boss Hiroyuki Sasa said the medical business was the key driver of growth.