Product category:
Inkjet, Laser, Digital, Thermal, Graphics, Wide Format Printing Systems
News Release from: Xaar
Edited by the Printingtalk Editorial
Team on 10 August 2006
Xaar's Sales Feel Impact Of Customs
Investigation
Xaar has been informed that certain of its Chinese customers, accounting for around 15 per cent of the company's total revenue, are being investigated by the Chinese customs authorities.
Xaar has been informed that certain of its Chinese customers, accounting for around 15 per cent of the company's total revenue, are being investigated by the Chinese customs authorities The investigations are based on the alleged non-payment of import duty
This article was originally published on Printingtalk on 16 Apr 2008 at 8.00am (UK)
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Xaar said that it is not a party to the investigation but added that it is co-operating with customs officials in China.
The company explained that it was notified by the Chinese authorities of the impending investigation on July 19 but at that time it did not consider it would have a material effect on sales.
Digital printing is a high profile growth industry in China, which has attracted similar investigations before, with little or no impact on the company.
However, Xaar said that it has now become apparent that the current investigation is being coordinated by central customs authorities in China, rather than by local officials, which was previously the case.
In the company's opinion, that is likely to increase the period of the investigation and its impact on current trading, which remains below expectations.
Xaar added that it is its aim that results for the full year should be similar to those reported for 2005 but, until the current investigation has run its course, it was not possible to quantify accurately the impact it will have on the timing of sales over the remainder of the year.
The company said that it will issue a further update with its interim results, which are scheduled for release on September 13. Request free introductory details about products from Xaar ...
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