The company blamed the 0.2% fall to ¥541.5bn (£3.44bn), on factors including the impact of yen appreciation, which – coupled with a surge in raw material costs – led operating income to plummet 28.5% to ¥47.2bn.

The company said in a statement: "[The] graphic arts business was negatively impacted by such factors as the appreciation of the yen and economic deceleration in Europe and North America.

"[However], Fujifilm maintained steady sales due to growth in sales of such products as wide-format inkjet systems and CTP plates."

The Japanese-based manufacturer also predicted tough times ahead during the second-half of its fiscal year.

"Fujifilm anticipates that progress in the sharp yen appreciation accompanying the worldwide financial crisis will be a factor exerting a downward pressure on its profitability," it said.

Fujifilm reported group revenues of ¥1,338bn for the six months to 30 September 2008, down 4.9% on the previous year. Pre-tax profit was also down across the group, falling 28.8% to ¥81.7bn.