Recurring profit dropped 63.3 percent to 16.5 billion yen.

"Although sales volumes in digital cameras increased by 27 percent to seven million units in the nine months to December, price reductions undermined our profits," Hideo Yamada, Olympus director told reporters.

Revenue for the nine months rose 21 percent to 565.2 billion yen as sales in three businesses -- medical, life-sciences and industrial equipment -- grew five to 17 percent.

Olympus cut its year to March sales forecast by 10 billion yen to 830 billion yen but it left unchanged its net and recurring profit projections unchanged at 13.5 billion yen and 23 billion yen, respectively.

"We aim to boost profits in the visual division next fiscal year by implementing cost-cutting plans and releasing timely products," said Yamada, without elaborating further.

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