Canon's net profit down 9.7% due to Europe's economic slowdown and strong yen
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.