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 user 2009-09-01 at 9:47:35 am Views: 67
  • #22671

    Fuji Xerox NZ slumps to $15m loss
    The global financial crisis has driven Fuji Xerox New Zealand deep into the red in its 2009 financial year.According to financial reports held by the Company’s Office, Fuji Xerox’s combined operations in New Zealand, across its trading and finance companies, lost $15.6 million for the year ended 31 March 2008. That compares with a break even result the previous year.

    Fuji Zerox’s local chief operating officer, Tom Duffy, says an unfavourable exchange rate against the Yen hit the company’s operations at the same time customers were under financial stress due to the crisis.”We decided not to pass the full impact of the the exchange rates on to customers,” he says.If it wasn’t for the impact of the crisis, there might have been potential to pass that on. However, the company decided to take a “long term strategic view”, he says.Duffy says sales were almost the same in value over the two years.According to the accounts, Fuji Xerox New Zealand’s sales declined from $180.4 million to $174.1 million, while Fuji Xerox Finance recorded an increase in revenue, from $63.3 million to $66.9 million.Average achieved pricing per unit fell sharply, but the company sold more units year-on-year, Duffy says.”The owners are pleased with the performance,” he says.Falling interest rates in New Zealand led to part of the loss, a one-off $7 million, on swap derivatives, says Mark Allright, Fuji Xerox New Zealand’s chief financial officer.

    That has already partially reversed this financial year, he says.”Conditions have improved significantly in the first six months,” says Duffy. A particular bright spot is improved colour printing volumes, an area the company thought customers might cut back on.Duffy says the recovery is coming about six months earlier than Fuji Xerox expected and the company is ahead of target for the first five months of the year.