Canon boosted as camera and printer demand rises
JAPANESE camera and office equipment maker Canon yesterday posted a 153 per cent rise in quarterly profit, a bigger than expected climb on robust sales of its high-end cameras.
For the year to 31 December the maker of IXY compact cameras and upmarket EOS cameras kept its operating profit outlook at 360bn yen (£2.6bn), compared with a consensus forecast of 384bn yen in a poll of seven analysts.
Operating profit for April to June was 113.4bn yen, compared with a forecast of 90.6bn yen.
It marked the third straight quarter of year-on-year profit growth for the world’s biggest maker of digital cameras, ahead of Sony and Nikon.
Shares in Canon, which also competes with Xerox and Ricoh in office equipment, fell 19.2 per cent from April to Monday, underperforming Tokyo’s electrical machinery index IELEC.T, which fell 16.8 per cent in the same period.