Japanese electronics company Ricoh (OTCMKTS:RICOY) have announced their most recent financial results. In numbers released today for the six months ending 30 September 2016 the multinational reports that trading conditions remain unfavorable with an 85.5% decrease in profit compared to the prior period.
The company has been hit hard by currency exchange rate movements and explained that the decrease in sales of 11.3% was due a slowdown in there Imaging & Solutions and Industrial Products segments. Total revenue for the period was 1,095.1 billion yen, with operating profit of 56.1 billion yen, $10.4 billion and $5.3 billion respectively.
Aside from exchange rate factors, the Japanese economy has proved difficult to predict according to a statement by Ricoh. Given economic uncertainty and unfavorable market conditions the company forecast further decreases in the future. Ricoh also attribute declining sales to fallout from Britain’s referendum on membership of the European Union.
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