RICOH Q3 NET PROFIT PLUNGES 89%

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RICOH Q3 NET PROFIT PLUNGES 89%

 user 2009-11-06 at 11:55:38 am Views: 38
  • #22889

    http://online.wsj.com/article/BT-CO-20091027-701224.html
    RICOH Q3 NET PROFIT PLUNGES 89%
    TOKYO –Ricoh Co. said Tuesday that net profit plunged
    89.5% in the fiscal quarter ended September as a strong yen hurt
    overseas sales
    and domestic sales remained weak amid a sluggish economy. The
    Tokyo-based
    precision equipment maker, best known for its photocopiers and printers,
    posted
    a net profit of Y905 million for the quarter, down from Y8.6 billion a
    year
    earlier. Revenue dropped 8.6% to Y497.4 billion from Y544.3 billion in
    the same
    period a year earlier, while operating profit tumbled by 68.7% to Y7.92
    billion.
    Ricoh left its net-profit forecast for the fiscal year unchanged at
    Y10.0
    billion. It had lowered its forecast in July from an initial estimate of
    Y18.1
    billion to reflect weak demand for electronic products amid the economic

    slowdown. The firm reports earnings based on U.S. accounting standards.