Canon Inc. said Wednesday it has lifted its group net profit projection for the current business year ending in December on the yen's depreciation and improving market conditions, and now expects a 29.1 percent rise from the previous year to ¥290 billion.
The maker of printers, photocopiers and cameras now expects its group operating profit for the current fiscal year to grow 39 percent from fiscal 2012 to ¥450 billion on consolidated sales of ¥3.98 trillion, up 14.4 percent.
For the January to March period, however, the company said its group net profit dropped 33.5 percent from a year earlier to ¥40.91 billion amid the sluggish global economy and severe price competition.
Its group operating profit fell 33.8 percent from a year earlier to ¥54.77 billion on sales of ¥816.65 billion, down 1.5 percent.