Epson claims it has experienced a decline in revenue for its financial year ending on March 31, 2017.
According to its financial report, revenue was JP¥1,024.8 billion (US$9.1 billion), down 6.2% year-on-year. Business profit was ¥65.8 billion (US$566.6 million), down a significant 22.5%.
However profit for the year, after taxes, was ¥48.4 billion (US$431.6 million), an increase of 65.6% over the previous year.
The company considered the loss of revenue and business profits were mainly attributed to foreign exchange rates, and they said on a constant currency basis, revenue actually grew by ¥28.6 billion year-on-year, and business profit grew by ¥4.5 billion.
Epson, however, is concerned about its prospects for the rest of the year. It says “Total demand for inkjet printers was stagnant due to the continuing contraction of the Japanese consumer market and a shrinking of the North American and Western European markets.”