Ricoh Reports Impairment Loss, Lowers Profits Forecast for Fiscal Year

Ricoh Company of Tokyo, Japan, announced yesterday that it’s revising its forecast for its financial results for its fiscal year ending on March 31, 2017 from its previously announced forecast.

The firm says that it performed an impairment test of fixed assets for its digital-camera business, according to International Financial Reporting Standards (IFRS), and expects to record losses of 10 billion yen due to much lower profits from its digital-camera business.

Ricoh’s forecast for net sales remains unchanged from its October 2016 forecast, but it’s now forecasting profits of 2,000 million yen, versus profits of 10,000 million yen that it had forecast in October 2016. It’s now also forecasting earnings per share of 2.76 yen, versus 13.8 yen it had previously forecast.

Ricoh will announce its financial results for its fiscal year that ended on March 21, 2017 on April 28th.

Ricoh also denied reports that it was considering shrinking its camera business and withdrawing from consumer products. Instead, it said it will focus its resources on the high-value-added  products such as its PENTAX and GR cameras for existing users and photo hobbyists. It also says it’s a market leader of input devices in the VR or AR market with its “RICOH THETA” where its sees rapid growth, and will keep on expanding the business even more in this field. It says it will also develop and expand the imaging business in the solution business field for corporate, by creating new markets using its own camera technology.

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