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Konica Minolta’s results affected by COVID-19

May 26, 2020

The company released its consolidated financial results for the fiscal year 2019 and fourth quarter which ended 31 March 2020.

For fiscal year 2019, Konica Minolta recorded total revenues of ¥996.1 billion ($9.26 billion/ €8.45 billion), a year-on-year decline of 6%. Revenues for the fourth quarter were down 12%, at ¥249.1 billion ($2.32 billion/ €2.11 billion). Konica Minolta said that the fourth quarter was “seriously affected by exchange rates and also by COVID-19” and that in fiscal year 2019 in the first quarter, revenues had bottomed out and were steadily climbing, until the pandemic affected business.

Looking at the Office segment, revenues for the full year were ¥546.5 billion ($5.08 billion/ €4.64 billion), down 7% year-on-year. The fourth quarter revenue was down 11%, at ¥134.3 billion ($1.25 billion/ €1.14 billion). Konica Minolta explained that although operations at two plants in China, the Malaysia plant and the France plant were shut down, the impact on the present period is slight. Lockdown in China and in Europe and the US had an impact mainly on direct sales and on sales, orders, and installations through small and medium-sized dealers.

Economic activity continues to be constrained by the COVID-19 impact in every region of the world, and though signs of easing can be seen in some countries, concerns about a second wave and other considerations make the outlook uncertain so there are few prospects for a timeframe for complete resolution. Because of this, the company added that since these circumstances make it difficult to calculate reasonable forecasts, no earnings forecast or dividend forecast will be provided for FY2020 at this point.

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