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Fuji Xerox NZ slumps to $15m loss

Fuji Xerox NZ slumps to $15m loss

Volatile exchange rates challenge digital imaging giant.

The global financial crisis has driven Fuji Xerox New Zealand deep into the red in its 2009 financial year. According to financial reports held by the Company’s Office, Fuji Xerox’s combined operations in New Zealand, across its trading and finance companies, lost $15.6 million for the year ended 31 March 2008. That compares with a break even result the previous year.

Fuji Zerox’s local chief operating officer, Tom Duffy, says an unfavourable exchange rate against the Yen hit the company’s operations at the same time customers were under financial stress due to the crisis.

“We decided not to pass the full impact of the the exchange rates on to customers,” he says.

If it wasn’t for the impact of the crisis, there might have been potential to pass that on. However, the company decided to take a “long term strategic view”, he says.

Duffy says sales were almost the same in value over the two years.

Read more at Computerworld.

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