Ricoh India Reports Financial Results Following Earlier Improprieties

Ricoh India has approved the financial results of its third quarter and fourth quarter for the fiscal year ended March 31, 2016, after the irregularities had been previously discovered.

The company submitted the results from Q3 (by December 31, 2015) and Q4 (by March 31, 2016) to the Bombay Stock Exchange on November 18, 2016, right after the approval of its new board of directors. Ricoh reported a loss after tax for the same fiscal year worth 11.2 billion INR (US$164.22 million).

The OEM claims no changes will be made to the published consolidated results for the fiscal year ending March 31, 2016 or the outlook for the fiscal year by March 31, 2017 for Ricoh Company, Ltd.

The financial irregularities were disclosed with the change of the company’s auditors following the filing of Q1 result ending June 30, 2015. And the new auditors raised concerns regarding the irregularities during the review. The results for Q2 ended September 30, 2015 was released on May 19, 2016.

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