CANON QUARTERLY PROFITS UP 18%

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CANON QUARTERLY PROFITS UP 18%

 user 2004-05-05 at 10:28:00 am Views: 46
  • #5425

    <DIV><FONT size=3><FONT color=blue><SPAN class=t><FONT size=6>Canon Says Quarterly Profit Up 18 Percent</FONT></SPAN><BR></FONT></FONT>
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    <TD height=4><FONT color=blue></FONT></TD></TR></TBODY></TABLE><FONT size=3><FONT color=blue><SPAN class=t2>Canon Says Quarterly Profit Up 18 Percent on Brisk Sales, Raises Earnings Forecast for Year</SPAN> </FONT></FONT>
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    <DIV class=ar><FONT color=blue size=3>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.</FONT></DIV></DIV>
    <DIV><FONT color=blue size=3>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. <BR></FONT><FONT color=blue size=3>Revenue rose 9.1 percent to 798.05 billion yen ($7.52 billion) from 731.56 billion yen. <BR></FONT><FONT color=blue size=3>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. </FONT></DIV>
    <DIV><FONT color=blue size=3>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. </FONT></DIV>
    <DIV><FONT color=blue size=3>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. <BR></FONT><FONT color=blue size=3>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.</FONT></DIV>