Earnings fall at Eastman Kodak

Business Materials 1 August 2008 02:17 (UTC +04:00)

The Eastman Kodak Company, manufacturer of cameras, film and other photography company, said Thursday that profits fell in the second quarter on higher materials costs, dpa reported.

Net profits fell 14 per cent to 459 million dollars, or 1.62 dollars per share, from 575 million dollars, or 2 dollars per share, in the year-earlier period.

Revenue rose just 1 per cent to 2.5 billion dollars, the Rochester, New York-based firm said.

Kodak recorded profits in 2007 for the first time since a four- year-long restructuring programme to deal with losses as customers moved from traditional film cameras to digital models.

In the first quarter of this year, the firm again recorded losses, but Kodak still hopes it will be in the black for the year with stable or slight growth in sales.