Printer and copier maker Océ booked net profit of €15m in the first three months of 2009, the company said in a statement on Thursday.
Analysts had been forecasting a loss. But Océ said market conditions had deteriorated further and that it did not expect recovery this year.
The company plans to cut costs by a further €180m in 2009, largely by cutting jobs and selling off real estate and inventory.
First quarter turnover fell over 6% to €658m, slightly below the forecast from analysts quoted by the Financieele Dagblad.
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