Some of us have been fortunate enough not to have suffered job loss during these tough economic times. But it’s not the case for millions others, and the pain does not seem to be over yet. Japanese office equipment and digital camera maker Ricoh [Caplio CX, GR, GX and GXR series] said Thursday it plans to cut 10,000 jobs worldwide over three years, about 10% of its worldwide workforce.
Ricoh’s net profit dropped sharply from more than 100 billion yen ($1.2 billion) in the year to March 2008 to 6.5 billion yen a year later. Net profit for the last business year stood at 19.6 billion yen, down 29.5 percent from the previous year. Sales came to 1.94 trillion yen, missing a target of 2.3 trillion yen.
However, by expanding market share in emerging countries, Ricoh is aiming for group sales of 2.4 trillion yen in fiscal 2013 (ends March 2014) and an operating profit of 210 billion yen, more than three times higher than 60.1 billion yen in the last year. Investors greeted the news positively and sent Ricoh’s stock up by 7.2 percent in Tokyo to 911 yen.
The company plans to revamp or withdraw from operations where it is making losses but did not go into specifics. We don’t know if and/or how much the digital camera division will be affected.