Canon Profits Exceed Expectations for Year Ended December
Tokyo, Jan 26, 2010 (IRG) - Canon Inc.'s group operating profit appears to have topped initial forecasts and hit 215 billion yen (US$2.4 billion) for the year ended December due to robust camera demand. That would mark an increase of about 25 billion yen (US$280 million) from initial forecasts, although it would represent a decline of nearly 60 percent from the year ended in December 2008.
Sales were down 20 percent as net profit was also down about 60 percent. The company's single-lens reflex digital cameras fared particularly well, spearheaded by sales in China and other parts of Asia. Canon, which also makes photocopiers, is expected to report roughly 90 billion yen (US$983 million) in operating profit for the October-December period, its third straight quarter-on-quarter gain.
Its office equipment business performed poorly, however, as companies cut costs and curbed investments.
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