Ricoh Results Hit by COVID-19

Ricoh Results Hit by COVID-19

Ricoh reports sales for the first quarter (ended June 30) decreased by 26.2% as compared to the previous corresponding period, to JPY¥352.3 billion (US$3.34 billion), due to the impact of the COVID-19.

In Japan, sales were downed by 17.8% as compared to the previous corresponding period. sales in the overseas market decreased by 32.0% as compared to the previous corresponding period. Excluding effects of foreign currency fluctuations, sales in overseas would have decreased by 29.6% as compared to the previous corresponding period.

Other highlights include:

• Gross profit was down by 33.8% as compared to the previous corresponding period, to JPY¥0 billion (US$1.16 billion).
• Operating profit (loss) decreased JPY¥48.8 billion (US$462.13 million) compared to the previous corresponding period, to JPY¥21.2 billion (US$200.75 million) (loss). After excluding the impact of equity-method accounting for Ricoh Leasing and foreign exchange impacts, operating profit (loss) decreased JPY¥43.7 billion (US$413.80 million) as compared to the previous corresponding period.
• Profit (loss) before income tax expenses decreased by JPY¥48.6 billion (US$460.13 million) as compared to the previous corresponding period, to JPY¥22.6 billion (US$213.97 million) (loss).
• profit (loss) attributable to owners of the parent decreased by JPY¥34.2 billion (US$323.80 million) as compared to the previous corresponding period, to JPY¥18.6 billion (US$176.10 million) (loss).

Looking at segments,

• office printing sales were JPY¥174.7 billion (US$1.65 billion) and decreased by 32.1% as compared to the previous corresponding period, due to a decrease in sales volume of hardware and consumables revenues because of the lockdowns, movement restrictions and a decrease in demand of printing by the closing of customer offices. Office Printing operating profit (loss) was JPY¥8.0 billion (US$75.71 million) (loss) and decreased by JPY¥37.7 billion (US$356.80 million) as compared to the previous corresponding period.
• Office Service sales were JPY¥103.3 billion (US$977.33 million) and decreased by 8.7% as compared to the previous corresponding period. Office Service operating profit was JPY¥3.8 billion (US$35.95 million) and decreased by 23.5% as compared to the previous corresponding period.
• Commercial Printing sales were JPY¥27.7 billion (US$262.10 million) and decreased by 35.4% as compared to the previous corresponding period. Due to the decrease in gross profit caused by the reduction of sales, Commercial Printing operating profit was JPY¥0.8 billion (US$7.57 million) and decreased by 85.7% as compared to the previous corresponding period.
• Industrial Printing sales were JPY¥4.2 billion (US$39.73 million) and decreased by 28.0% as compared to the previous corresponding period. Industrial Printing operating profit (loss) was JPY¥1.2 billion (US$11.35 million) (loss) and decreased by JPY¥0.7 billion (US$6.62 million) as compared to the previous corresponding period.

Ricoh also announced the consolidated results and dividend forecasts for the fiscal year.

Related:

• Ricoh Faces Downturn in Office Printing

Comments:

Please add your comments below about this story, “Ricoh Results Hit by COVID-19”.