Konica Minolta cuts jobs, forecasts losses|
(Monday, November 7, 2005 - 09:02 EST)
Financial news service Bloomberg is reporting on a statement filed to the Tokyo Stock Exchange by Konica Minolta Holdings Inc. late last week, which predicts difficult times for the company over the coming year.
According to the article, Konica Minolta has slashed its 2005 forecasts by ¥70 billion, from a forecast net profit of ¥23 billion last August, to its current forecast of a ¥47 billion net loss - roughly equivalent to US$399 million. Much of the difference is said to come from costs involved in reducing its workforce by 10% in the next year, from current levels of around 33,000 employees.
More details can be found in the Bloomberg article...