Business

Seiko Epson sees major profit rise

Seiko Epson Corp., the country’s top maker of ink jet printers, said Tuesday its net profit jumped nearly three-fold to 17.61 billion yen during the April-June period thanks to reduced costs.

Revenue during the quarter grew 5.6 percent to 332.93 billion yen, helped by strong demand for ink jet and laser printers.

But the firm said a rapid market shift from single-function to multifunction printers resulted in a profit dip in its printer business.

It was able to deliver better than expected earnings thanks to cost-cutting measures in its electronic components division.

For the full year through March, Seiko Epson forecasts 65 billion yen in net profit on revenue of 1.56 trillion yen, both of which would be record highs for the firm.

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