*NEWS*CANON’S 2ND Q. PROFITS SOARS !

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Date: Friday August 1, 2003 10:54:00 am | Views: 516
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    TOKYO, July 31 , Canon Inc, Japan’s largest office machine maker, said on Thursday its quarterly profit rose 35.2 percent year-on-year on strong sales of colour copiers and digital cameras.

    Group net profit was 56.17 billion yen ($467.2 million) in the second quarter ended June 30. That compared with a net profit of 41.55 billion yen in the year-ago period and a profit of 71.6 billion yen in the first quarter.

    Strong results were widely expected as the company last month tipped a profit of about 58 billion yen, based on its half-year forecast of some 130 billion yen.

    The company credited a cost-cutting drive as well as brisk digital camera and copier demand for the robust performance.

    Canon has been trimming costs by moving production to China, while raising productivity by shifting much of its output from assembly lines to a so-called “cell” system in which workers put products together at stationary stalls.

    Shares in Canon gained 33.1 percent in the three-month period, outperforming the benchmark Nikkei average, which rose 13.9 percent. ($1=120.23 yen)

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