Japan based camera manufacturer, Olympus has said that it will be selling its mobile unit to a domestic investment fund for 53 billion yen. The company is planning the move so as to return to profitability.
The sale of the ITX Corp will be posted as a one time gain in the firm’s second quarter financial report. The company said, “the impact of the sale on our earnings is uncertain at this point”.
Japan Industrial Partner is the buyer, which Olympus has described as one of the leading investment funds in Japan. Reports say that Olympus has reportedly purchased stake in ITX, which was once a technology start-up investor and later became a mobile phone retailer.
The increasing stake was purchased by Olympus over the past decade with hopes of using the investment to make up for the losses central to its accounting scandal last year. The sale was announced on August 24, 2012 while Olympus looked to revamp its business by luring investors after reporting a 4.46 billion yen loss in the month of April to June quarter. Olympus has said that it expected to book a net profit of 7.0 billion yen in the financial year to March on the sales of 920 billion yen.
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