The company has reported its financial results for the third quarter ended 31 December 2019.
Epson has reported downturn of revenue for the nine months ended 31 December by 4%, recording revenues of ¥795.9 billion ($7.3 billion/ €6.6 billion), compared to ¥829 billion ($7.6 billion/ €6.9 billion) for the same reporting period in the previous fiscal year. For the nine-month period, profits were down 36.9% at ¥36.8 billion ($337.8 million/ €306.3 million), compared to ¥58.4 billion ($536 million/ €486 million) for the same period in the previous year.
Epson has made no changes to the forecast for the full year results.
The company also announced that effective 1 April, Yasunori Ogawa, currently Director and Managing Executive will become President and Representative Director, replacing Minoru Usui who will move to his new role of Director and Chairman.
Ogawa joined Seiko Epson Corporation in 1988 and currently is the Chief Operating Officer, Wearable Products & Industrial Solutions Operations Segment.
Talking about the change, Epson said: “In March 2019, Epson established its Phase 2 Mid-Range Business Plan aimed at achieving its Epson 25 Corporate Vision. By focusing on priority areas, we aim to respond to changes in the business environment and societal needs, and transition to a business capable of generating high profits.
“In the fiscal year ending March 2019, we implemented reforms aimed at strengthening our business structure. In a tough business situation, we have promoted collaboration with partners and open innovation, and have developed and launched original products and services aimed at ensuring future growth.
“Going forward we expect significant and ongoing changes to our business environment. Under the leadership and new perspective of Mr. Ogawa we will respond flexibly and rapidly to changes as we seek to improve our corporate value over the medium- and long terms.”
