Daily Management Review

Japanese Canon's profit falls by 55.6% in Q2


Japanese Canon Inc., a leading global camera maker, lowered its earnings and revenue forecasts for 2019. The company's net profit collapsed in Q2 by 55.6% in annual terms.

anthonystoro via flickr
anthonystoro via flickr
Net profit amounted to 34.52 billion yen ($ 319 million) in April-June against 77.67 billion in the second quarter of last year.

Sales of imaging systems, including cameras, fell by 18.5%, sales of office equipment fell by 7.5%. At the same time, sales of medical equipment (a new line of business) have grown, according to Canon.

Revenue declined in the second quarter by 10% to 905.87 billion yen.

According to a new forecast by Canon, revenue will decrease in 2019 by 5.2%, net profit - by 36.7% (previous forecast - 20.9%).

Canon shares rose on Wednesday by 0.7%. Since the beginning of the year, the company's capitalization has grown by 4% to 3.35 trillion yen.

source: bloomberg.com