The following appears on asia.nikkei.com
TOKYO — Fujifilm Holdings‘ first-quarter profit dropped 24% on the year as shipments of office printers to sales partner Xerox sank — but other businesses helped stave off a worse result.
Group operating profit for April to June fell to 27.5 billion yen ($260 million), the Tokyo-based company reported Wednesday. Net profit tumbled 54% to 11.1 billion yen in the absence of year-earlier gains on the sale of cross-shareholdings. Foreign exchange losses of 6.4 billion yen contributed to the steep decline.
The document solutions segment put the biggest drag on operating profit, suffering a roughly 40% decline of its own. Fujifilm sells printers in Asia and Oceania through subsidiary Fuji Xerox but relies on Xerox in other regions. The U.S. company reduced printer inventories in conjunction with its split into technology and business services halves.