Ricoh New Zealand's sales took a dip in the year to 31 March 2020 while costs increased, resulting in a significant hit to profits.
Sales fell from $146.7 million to $142.1 million but cost of sales lifted slightly from $84.7 million to $85.4 million. Administration expenses also increased by nearly $2 million.
That combination contributed to a decline in net profit from $8.7 million to $1.6 million for the year.
Ricoh, which was asked for comment on the results, joined rival Fuji Xerox, which also reported lower sales and profits for its 2020 financial year.
Fuji Xerox NZ managing director Peter Thomas told Reseller News in September the company recognised the continued pressure on print revenue, exacerbated by the pandemic lockdowns, and was focusing on initiatives to diversify and grow.
Another key player in the print and copy space is Konica Minolta, which has been rebuilding its channel after Fuji Xerox bought its local partner, CSG.
Brother, meanwhile, appeared to have broken the downward trend, increasing both sales and profits slightly for the year to 31 March.
Sales were up from $51.8 million to $52.5 million, however the company also sells and manufactures sewing machines.