Olympus projects annual loss of $412m, missing estimates

TOKYO - Olympus Corp, the camera maker that admitted to accounting fraud and lost 59 percent of its value last year, predicted an annual loss of 32 billion yen ($412 million), which was worse than analysts' estimates.

The scandal, which broke in October, had no major effect on Olympus' business, the Tokyo-based company said in a statement on Monday. Analysts from Barclays Capital and Deutsche Bank Group estimated a 25.5 billion-yen average loss.

Olympus is considering ways to boost capital after it restated past securities reports and took a $1.3 billion cut in net assets in December.