Ricoh Leasing revenue rises but profits fall

Ricoh Leasing Company reported first quarter revenue of 82.4 billion yen, up 8.9% year-on-year, driven by expanded operating assets and service sector growth.

However, operating profit fell 3.4% to 4.9 billion yen and ordinary profit decreased 3.1% to 5.1 billion yen, primarily due to higher selling, general and administrative expenses and funding costs.

The company maintains its full-year forecast, with first-quarter net profit achieving 26.4% of the annual target.