Canon's profits plunge 84.5pc in first-half
Wednesday, 29 July 2009
TOKYO, Jul 28 (AFP): Japan's Canon Inc. said Tuesday its net profit tumbled 84.5 per cent in the first half of 2009 from a year earlier, hit by sluggish sales of compact digital cameras and other electronics.
The yen's strength against other currencies also ate into profits at Canon, which relies heavily on overseas markets for sales.
The photographic and office equipment maker said net profit plunged to 33.35 billion yen (351 million dollars) in the six months through June, the first half of its business year, from 214.49 billion in the same period of 2008.
Operating profit slumped 80.4 per cent to 64.94 billion yen as revenue slid 29.9 per cent to 1.48 trillion yen, a company statement said.
The yen's strength against other currencies also ate into profits at Canon, which relies heavily on overseas markets for sales.
The photographic and office equipment maker said net profit plunged to 33.35 billion yen (351 million dollars) in the six months through June, the first half of its business year, from 214.49 billion in the same period of 2008.
Operating profit slumped 80.4 per cent to 64.94 billion yen as revenue slid 29.9 per cent to 1.48 trillion yen, a company statement said.