RICOH Q3 NET PROFIT PLUNGES 89%

[Anonymous]

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.

[Author]

November 6, 2009 at 11:55 AM