Canon's net profit down 9.7% due to Europe's economic slowdown and strong yen
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Visitors tour the Canon booth during the 2013 International Consumer Electronics Show at the Las Vegas Convention Center on Jan 8, 2013, in Las Vegas, Nevada. Canon said on Wednesday, Jan 30, 2013, its full-year net profit fell 9.7 per cent last year as it was hit by a slowdown in demand from debt-hit Europe and an export-sapping strong yen. -- PHOTO: AFP
TOKYO (AFP) - Japanese electronics giant Canon said today its full-year net profit fell 9.7 per cent last year as it was hit by a slowdown in demand from debt-hit Europe and an export-sapping strong yen.
The camera and office equipment maker said earnings slipped to 224.6 billion yen (S$3 billion) in 2012, compared to 248.6 billion yen a year earlier.
Unlike many Japanese firms, Canon reports its financial results on a calendar-year basis.
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.
