Canon earnings slump
(01-30 17:17)
Japanese electronics company Canon said full-year net profit fell 9.7 percent last year.
The camera and office equipment maker said earnings slipped to 224.6 billion yen ($2.5 billion) in 2012, compared with 248.6 billion yen a year earlier.
Unlike many Japanese firms, Canon reports its financial results on a calendar-year basis, AFP reports.
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 percent to 3.48 trillion yen, while operating profit fell 14.3 percent to 323.9 billion yen.
The decline was due to “the economic slowdown mainly in Europe and the high valuation of the yen against the euro, combined with the cooling-off of demand in
Canon said it expects a moderate recovery this year, forecasting a net profit of 255 billion yen and 410 billion yen in operating profit on sales of 3.81 trillion yen for the current calendar year.
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