Canon posts record Q3 profit of 102 bln yen on strong digicam sales in Europe
, 10.28.04, 10:46 AM ET
AFX News Limited
TOKYO (AFX) - Canon Inc, Japan's top manufacturer of office equipment and cameras, posted a record profit for the third quarter to September due to strong demand for digital cameras from overseas, especially Europe, prompting it to revise upwards its full-year earnings forecast.
The company's net profit for the quarter grew 39.4 pct year on year to 101.8 bln yen from 73.0 bln.
Its operating profit rose 26.0 year on year to 158.3 bln yen on sales of 838.3 bln yen, up 9.2 pct from 767.6 bln previously.
"Although sales of digital cameras slowed in Japan, as they have already spread to many households, overseas demand, especially in Europe, continues to grow significantly," Canon said in a statement.
It added that there was also strong growth in sales of laser-beam printers, semiconductor-making equipment and projection aligners used in the production of liquid crystal displays.
In terms of regions, third-quarter sales in Europe increased 12.7 pct to 255 bln yen, while those in Japan rose a modest 3.5 pct to 196 bln yen and those in the US sales inched up 1.0 pct to 254 bln yen.
Canon revised upwards its profit full-year profit forecast on expectations that the digital camera boom will continue for the time being.
For the full year, Canon raised its net profit forecast to 339 bln yen yen from its earlier estimate of 320 bln yen. It left its sales forecast unchanged at 3.47 trln yen.
For the nine months to September, Canon's net profit jumped 30.8 pct year on year to a record 262.6 bln yen, on sales of 2.49 trln yen, up 8.0 pct.
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