Canon quadruples Q2 profits but warns of stronger yen


27 Jul 2010

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Japanese tech firm Canon has reported a quadrupling of net profits for its second quarter, driven by improved performance in the laser printer market, along with increased digital cameras sales.

Canon earned a net profit of 67.6bn yen during the quarter, up significantly from the net profit of 15.6bn yen it earned during the same period in 2009.

Net sales for the tech giant meanwhile rose 22pc year-on-year during the second quarter to 970.4bn yen.

Canon said sales of digital single-lens reflex (SLR) cameras displayed “healthy” growth throughout most global markets, while demand for compact digital cameras recovered in developed countries and grew steadily in emerging markets, such as Asia.

The firm also said it had seen a steady recovery in the inkjet printer market, while the market for laser printers also saw a turnaround compared with the previous year.

However, the Japanese tech firm kept its full-year outlook unchanged owing to the impact of the stronger yen.  

Article courtesy of Businessandleadership.com