Troubles of imaging and printing equipment maker Ricoh India Ltd. have hit its Japanese parent.
Ricoh Company Ltd. lowered its profit estimates by 10,000 million yen (Rs 571 crore) to factor in losses at its fraud-hit Indian arm, the Japanese company said in a filing. It has taken a charge of close to 30,000 million yen (Rs 1,711 crore) for its India business in the year to March 2018.
Due to the anticipated losses arising from the subsidiary, “we revised downwards the forecast of our operating income, profit before income taxes and profit attributable to owners of the parent”, it said.
Ricoh Company reiterated that it will not provide any additional financial support to the India business. It had infused Rs 1,123 crore last year after Ricoh India said that it estimated a loss as its accounts appeared to be have been “falsified”. read the rest here