Ricoh's 3rd-Quarter Profit Rises on U.S. Gains, Yen (Update2)
By Julie Tay
02/06 01:29
quote.bloomberg.com
Tokyo, Feb. 6 (Bloomberg) -- Ricoh Co.'s fiscal third-quarter profit rose 19 percent as Japan's No. 2 office-equipment maker increased sales in the U.S. and a weaker yen boosted the value of its overseas revenue.
Group net income rose to 14.9 billion yen ($111.3 million), or 20 yen a share, in the three months ended Dec. 31 from 12.5 billion yen, or 16.72 yen, a year earlier, Ricoh said in a press release. Sales rose 7.3 percent, to 401.33 billion yen.
``There are few Japanese companies doing as well these days,'' said Masayuki Kubota, who helps manage 1 trillion yen in Japanese equities at Daiwa SB Investments Ltd., including an undisclosed number of Ricoh shares. ``Ricoh has good products, especially its digital copiers.''
Those products are allowing Ricoh to generate enough growth overseas to overcome a slowdown in domestic sales driven by Japan's third recession in a decade.
Ricoh raised its full-year profit target 4.2 percent, to 61.5 billion yen. The company left unchanged its forecast for 1.67 trillion yen in group sales, saying strong overseas business will make up for slowing spending by consumers and businesses in Japan. |
