Canon Inc. on Wednesday revised downward its full-year group earnings forecast for this year, citing the persistent higher yen and sluggish sales in emerging economies.
In the year ending Dec. 31, the maker of printers, photocopiers and cameras expects a group net profit of ¥165 billion ($1.58 billion), down 25.1 percent from the previous year and compared to its earlier projection of ¥180 billion.
The company projects group sales of ¥3.36 trillion, down 11.6 percent from the previous year and compared with its earlier forecast of ¥3.52 trillion.
Canon expects to suffer a significant drop in sales of laser printers, which are facing shrinking markets in emerging economies, and digital compact cameras, affected by a shortage of parts supplies due to a series of strong earthquakes in southwestern Japan in mid-April.
The company also said its group net profit in the January to September period declined 30.1 percent from the same period in the previous year to ¥105.8 billion, on sales of ¥2.44 trillion, down 11.7 percent from a year earlier.
Referring to Toshiba Medical Systems Corp., the medical equipment subsidiary of Toshiba Corp. undergoing a full takeover by Canon, Toshizo Tanaka, executive vice president, said clearing procedures by competition watchdogs overseas “have been interrupted in some countries.”
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