By Aiko Wakao
TOKYO, Nov 2 (Reuters) - Japan's Konica Minolta Holdings Inc. (4902.T: Quote, NEWS, Research) on Thursday posted a better-than-expected 17 percent rise in first-half profit and raised its annual forecast on strong sales of colour copiers and a weaker yen.
The office equipment maker, set up after Konica Corp. and Minolta Co. merged in August 2003, is betting on growth in toner sales and materials used in flat panels after it exited from camera and photographic film businesses earlier this year.
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Operating income came to 46.26 billion yen ($394.5 million) in the six months ended Sept. 30, compared with 39.4 billion yen a year earlier. Sales fell 4.6 percent to 493.95 billion yen due mainly to its withdrawal from the photo film market.
The profit result beat the average estimate of 41.9 billion yen from five analysts polled by Reuters Estimates.
"Our strategy to expand our colour line-ups helped sales of multifunctional models, especially in Europe," company director Yasuo Matsumoto told a news conference.
Konica Minolta also raised its operating profit forecast for the year to March by 21 percent to 96.5 billion yen, above the consensus estimate of 90 billion yen.
Its domestic rivals such as Canon Inc. (7751.T: Quote, NEWS, Research) and Fujifilm Holdings (4901.T: Quote, NEWS, Research) recently reported better-than-expected earnings thanks to a weaker yen and strong sales of core products
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