*NEWS*CANON MISSES PROFIT FORECAST

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*NEWS*CANON MISSES PROFIT FORECAST

 user 2008-01-04 at 12:31:00 pm Views: 36
  • #19075

    Canon to miss profit forecast on depreciation
    TOKYO
    - Digital camera and office equipment maker Canon Inc will miss its
    profit forecasts for 2007, hit by a change in the way it calculates
    depreciation costs, the Nikkei business daily reported on Friday.Shares
    of Canon were down 1.1 percent in early morning trade in Tokyo,
    underperforming a slight rise in the broader market.Canon will likely
    post a group net profit of 488 billion yen for the year ended December
    31, up 7 percent from a year earlier and a record for the eighth
    consecutive year thanks to strong sales of color copiers, printers and
    digital cameras, the Nikkei said.

    But that would miss Canon’s
    forecast for a 500 billion yen net profit.Canon will also fall short of
    its group operating profit forecast of 773 billion yen with a profit of
    about 759 billion yen, the Nikkei said.A change in the way it
    calculates depreciation is expected to depress its operating profit by
    about 63 billion yen, the newspaper said.Canon spokesman Shinichi Tenno
    said the figures were based on the newspaper’s speculation and not
    provided by Canon.Canon is the world’s largest digital camera maker.
    Its competitors include Sony Corp  and Olympus Corp.In printers and
    copiers, Canon’s rivals include Xerox , Ricoh Co Ltd  and Konica
    Minolta Holdings Inc.