Japanese tech firm Canon has reported a near tripling of its net profit for its first quarter compared to the same quarter a year earlier.
The company said it earned net profits of ¥56.8bn (US$611m), up from the ¥17.7bn reported in 2009, largely thanks to a recovery in demand for printers and digital cameras.
This figure beat the expectations of analysts polled by Thomson Reuters, who had forecast average net profits for the quarter of ¥48.5bn.
Net sales for the quarter rose 10pc from the same period in 2009 to total ¥755.5bn. This was thanks to robust sales of such consumer products as digital cameras and inkjet printers, along with a sales rebound for office products, such as laser printers and other factors, Canon said.
Canon also today said it expects to earn net profits of ¥240bn for its full financial year 2010, which is an 82pc rise on that reported for 2008.
Net sales for the full year 2010 are also expected to rise by 16.9pc to ¥3,750bn.
Article courtesy of Businessandleadership.com