CANON 2Q PROFIT DOWN 12% …..AS COPIER SALES SLOW

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CANON 2Q PROFIT DOWN 12% …..AS COPIER SALES SLOW

 user 2008-07-24 at 11:25:16 am Views: 65
  • #20140

    http://uk.reuters.com/article/governmentFilingsNews/idUKT36108820080724
    Canon Q2 profit down 12 pct as copier sales slow
    TOKYO, July 08 – Japan’s Canon Inc  posted a 12 percent fall in quarterly profit on Thursday, hit by weaker monochrome copier demand and a firm yen versus the dollar, but the camera and office equipment maker kept its full-year outlook that exceeds market expectations.April-June operating profit at Canon, which competes with Xerox Corp and Ricoh Co Ltd  in printers and copiers, dropped to 160.15 billion yen ($1.5 billion) from 181.47 billion yen a year earlier.Profitability at its office equipment operations has come under pressure as an economic slowdown has meant businesses are putting off buying or replacing copiers, although its high-end digital cameras enjoyed brisk demand.

    For calendar 2008, Canon stood by its operating profit forecast in April of 770 billion yen, exceeding a market consensus of 743.8 billion yen in a poll of 18 analysts by Reuters Estimates.Shares in Canon, the world’s largest digital camera maker ahead of Sony Corp  and Nikon Corp , have eased 0.6 percent this year through Wednesday, while the Tokyo stock market’s electrical machinery index has fallen 13.6 percent.