Business | Technology

Canon full-year net profit down 9.7%

As it was hit by a slowdown in demand from debt-hit Europe and an export-sapping strong yen

  • AFP
  • Published: 15:09 January 30, 2013
  • Gulf News

Tokyo: Japanese electronics giant Canon said on Wednesday its full-year net profit fell 9.7 per cent last year as it was hit by a slowdown in demand from debt-hit Europe and an export-sapping strong yen.

The camera and office equipment maker said earnings slipped to 224.6 billion yen (Dh9.03 billion, $2.5 billion) in 2012, compared to 248.6 billion yen a year earlier. Unlike many Japanese firms, Canon reports its financial results on a calendar-year basis. The annual results missed an earlier forecast of a 234 billion yen net profit announced in October, a figure that had already been slashed from the previous target of 290 billion yen. Net sales last year were down 2.2 per cent to 3.48 trillion yen, while operating profit fell 14.3 per cent to 323.9 billion yen.

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