Canon Inc. said Friday its net profit for 2004 jumped 25 percent from a year earlier to a record 343.34 billion yen, driven by robust sales of multifunctional copiers, laser printers and digital cameras.
The firm expects another record profit for this year, with sales of digital cameras forecast to grow by 20 percent.
"2004 was very tough, with price competition further intensifying," said Senior Managing Director Toshizo Tanaka. "But we were able to deliver revenue and profit growth for the fifth consecutive year."
Revenue for the year rose 8 percent to 3.47 trillion yen as the firm enjoyed sales growth both in Japan and overseas, notably in Russia and in emerging Eastern European markets. The firm's overseas sales accounted for 75 percent of total revenue.
Canon said it was able to more than offset the impact of price falls by cutting 82 billion yen in production costs.
The firm saw strong demand for multifunction copiers, which feature copying, scanning and other functions, as more businesses switched to color models. It also enjoyed solid growth in both laser printers and inkjet printers.
Digital cameras also soared, with some 14 million units sold worldwide, up from 8.6 million the previous year.