Fujifilm flags bigger loss from improper accounting at overseas units

[TOKYO] Japan's Fujifilm Holdings Corp said on Monday it now estimates the impact of improper accounting at its overseas units at 37.5 billion yen (S$471.02 million) for the past few years, up from the 22 billion yen loss it had flagged in April.

The company said the loss had minimal impact on its results for the year ended in March. It now estimates a record 131.5 billion yen in net profit attributable to the company, up from the 112 billion yen forecast in January.

The maker of digital cameras and copy machines said in April it had decided to set up a third-party panel to look into the validity of accounting over some lease transactions at Fuji Xerox New Zealand Ltd for periods before the 2015 financial year.

The company said the panel's review also found improper accounting practice at Fuji Xerox Australia Pty Ltd, resulting in the expanded cumulative impact on net income, it said in a statement.

REUTERS