Date: Thursday January 31, 2019 11:49:53 am
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Printers Sales Turn A Profit For Canon Inc.Canon has reported a double-digit profit increase for its printer business in FY2018.By Lily Elden
While full-year sales at the company’s Office division were flat at ¥1.8 trillion ($16.4 billion), pre-tax profit rose 17.3% to ¥229.2 billion.Sales of office multifunctional devices (MFDs) were boosted due to a higher demand of colour models and robust orders in emerging markets. Meanwhile, laser printer sales were up, thanks to a steady growth of new models offering low power consumption, compact body designs and high productivity.Despite this good news, Canon said it expects sales and profit for the Office segment to decline in fiscal 2019, mainly due to the impact of exchange rate fluctuations. Canon said it would work to mitigate these effects through initiatives such as expanding MFD unit sales with the launch of new models.In its Imaging Systems arm, sales fell 11.3% to ¥1 trillion due to a shrinking market, while pre-tax profit also declined 31.1% to ¥121.3 billion.Total group sales were ¥3.9 trillion, down 3.1% on the prior year. This was due to the continuing contraction of the interchangeable-lens camera market and lower sales of OLED vacuum deposition equipment. However, pre-tax profit increased 2.5% to ¥362.8 billion.Looking forward, the company is expecting FY2019 total sales to decrease 1.3% to ¥3.9 trillion and operating profit to fall 5.2% to ¥325 billion, partly due to new accounting standards that were applied in 2018.
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