CANON:RECORD PROFITS FOR JAN-MARCH 04

[Anonymous]

	Canon Likely To Post Record Group Net Profit For Jan-March
Canon Inc. said Tuesday it expects to post a record high group net profit for the January-March quarter thanks to its strong performance in the first two months of the year. “The January and February figures were quite good. So we think we can expect ( earnings) figures close to” those reported in the Nihon Keizai Shimbun, a company spokesman said. The Nihon Keizai Shimbun reported in its Tuesday morning edition that Canon’s group net profit for the January-March period is likely to rise 26% on year to Y90 billion. That’s much stronger than a Y73 billion profit the company had projected earlier and represents a record high amount. Continued strong sales of digital cameras and office equipment, as well as its aggressive cost- cutting program, will likely contribute to the higher earnings. Group sales for the January-March quarter are expected to edge up 5% to Y770 billion, the Nikkei reported. The major Japanese maker of cameras, printers and copiers has been enjoying solid earnings results in recent years thanks to brisk sales of multifunction copiers and digital cameras. Canon’s group net profit soared 45% to Y275.73 billion in 2003 from Y190.74 billion in 2002, marking a record for the fourth year running. Its group operating profit jumped 31% to Y454.42 billion, while group revenue rose 4.1% to Y3.198 trillion. In reporting its results for last fiscal year, Canon also forecast its group net profit would rise 3.7% to another record high of Y286 billion this year. Canon is slated to report its January-March results in late April

[Author]

March 17, 2004 at 9:09 AM