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 Anonymous 2013-06-21 at 10:12:49 am Views: 105
  • #1979
    Canon Says Quarterly Profit Up 18 Percent


    Canon Says Quarterly Profit Up 18 Percent on Brisk Sales, Raises Earnings Forecast for Year


    TOKYO (AP) — Canon Inc. On Tuesday posted strong profit gains for the January-March quarter and raised its earnings forecast for the year to reflect the company's strong performance spurred by brisk sales and cost cutting at its manufacturing operations.
    The Japanese producer of printers and cameras recorded a net profit of 84.28 billion yen ($795 million) in the three-month period, up 18 percent from 71.60 billion yen a year earlier. 
    Revenue rose 9.1 percent to 798.05 billion yen ($7.52 billion) from 731.56 billion yen. 
    The company said strong product sales and proceeds from asset sales helped absorb the negative impact of the yen's strength against the dollar. A strong yen makes Japanese goods more expensive abroad.
    The quarterly results beat the company's expectations. In January, the group forecast net profit of 73 billion yen and revenue of 737 billion yen.
    Canon also raised its forecast for the year ending December 2004 to a net profit of 309 billion yen ($2.83 billion) from its earlier forecast of 286 billion yen. 
    The outlook is based on the assumption that the dollar will average 105 yen and the euro will average 125 yen for the rest of the year.

    * Post was edited: 2004-05-05 10:29:00