Olympus posts $US620m loss

Olympus has posted a $US620 million ($A619.29 million) loss in the year to March, a shortfall tied to a loss cover-up at the camera and medical equipment maker that hammered Japans corporate-governance image.The firm said on Thursday it lost Y48.99 billion ($A613.79 million) in the fiscal year, after a scandal that sparked lawsuits and the arrest of former executives accused of hiding about $US1.7 billion in investment losses.Olympus said the result, which reversed a small profit of Y3.87 billion a year earlier and was bigger than forecast, was largely attributed to costs related to the cover-up.The company, which declined to give an earnings forecast for the fiscal year ending March 2013, said it booked sales of Y848.55 billion in the latest period, up slightly from the previous year.Olympus said the results were hampered by a not-previously-announced additional special loss of Y8.82 billion, which included a revaluation of assets as well as losses linked to the restructuring of systems-related businesses.The company did not give further details but said the additional loss also included cost tied to the liquidation of three firms central to the scandal.Olympus bought waste recycler Altis, cosmetics maker Humalabo and microwave-container company News Chef for nearly $US1 billion, later admitting part of the funds were used in the scheme.The companys shares have lost more than three-quarters of their value in the wake of the scandal, diving to just 424 yen at one point from 2,482 yen the day before the chief executive Michael Woodford was ousted in October for revealing the cover-up.And two months later it narrowly avoided being delisted as it struggled to file a revised earnings report on time.In March, the company and three former senior executives including ex-president Tsuyoshi Kikukawa were charged over their role in the scandal.If found guilty, the firm faces up to 700 million yen in fines, while the executives could each be forced to pay 10 million yen and a decade in prison.