Japan's Fuji Photo Film said Friday its net profit plunged by more than two-thirds in the June quarter due to the cost of restructuring in response to the industry shift to digital photography.
Net profit slumped 69.9 percent to 4.81 billion yen (41.66 million dollars) in the fiscal first quarter compared with a year earlier, the world's number two photo film maker said in a statement.
Fuji Film said pretax profit plunged 44.7 percent to 17.99 billion yen on revenue of 656.85 billion yen, up 5.1 percent.
The company attributed the sharp fall in earnings to restructuring costs of 27.4 billion yen and a slump in its sales of color films and digital mini-lab products as demand for making prints is declining.
At the same time, strong sales of the FinePix F30 digital camera and flat panel display materials, along with exports of color digital products to North America, Europe and China helped boost revenue.
The company left unchanged its full-year forecast of a net profit of 38 billion yen on revenue of 2.74 trillion yen.
In January, the company said it would slash 5,000 jobs worldwide in its film and camera business by September 2006 and shift production of digital cameras to China as it weathers tough competition.
