Camera makers Nikon and Konica Minolta responded differently when faced with slumping sales of traditional film cameras years ago. Today, both are now reporting record profits.
While Nikon opted to leave behind film cameras and concentrate almost entirely on digital, Konica Minolta decided to get out of photography altogether and focused instead on more profitable advanced electronics goods such as multi-function photocopiers.
Today, Nikon is reporting that its net profit nearly doubled during the year ending March while Konica Minolta is happily back in the black after abandoning its camera business.
Nikon, which has since focused increasingly on high-end digital SLRs, has posted a record net profit of Â¥54.82B ($457M) in the Japanese fiscal year to March. This represents an 89.4 percent growth over the previous year and is well ahead of its own profit forecast.
Konica Minolta meanwhile reports that its net profit came to a record Â¥72.54 billion in the year to March, compared with a loss of Â¥54.31 billion the previous year when the firm incurred large restructuring costs.
[Via: Yahoo Finance]