Tokyo, May 10 (Jiji Press)--Japanese copier maker Konica Minolta Inc. said Wednesday it expects to post a record consolidated net loss of 105 billion yen for the year that ended in March, marking its fourth straight year of red ink.
Although the company had initially projected a net profit of 5.5 billion yen for fiscal 2022, it booked an impairment loss of 116.6 billion yen due chiefly to slower-than-expected growth at a U.S. genetic-testing firm it acquired in 2017.
The record-loss projection has made the firm decide to skip term-end dividend payment.
"We don't regret what we did, but we must learn how to make decisions and take action when conditions change," President and CEO Toshimitsu Taiko told an online news conference.
Taiko also said he will voluntarily return 30 pct of his salaries for 12 months from April.
