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Updated Tuesday, January 31, 2012 0:06 am TWN, AFP



	Customers check Japanese camera giant Canon's digital cameras at a Tokyo camera shop on Monday, Jan. 30. Japanese high-tech giant Canon said it enjoyed a 0.8-percent gain in full-year net profit as its cost-cutting effort offset the impact of last year's tsunami and Thai floods as well as a strong yen. (AFP) Enlarge Photo

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Japan's Canon posts 0.8% full-year profit gain

TOKYO -- Japanese high-tech giant Canon said Monday its full-year net profit was up 0.8 percent as cost-cutting offset the impact of last year's tsunami and Thai floods, as well as the strong yen.

Group net profit rose to 248.6 billion yen (US$3.2 billion) for the year to December from 246.6 billion yen, said the PowerShot digital camera and office equipment maker, even though sales slipped 4.0 percent to 3.56 trillion yen.

The firm said Japan's strong currency, which set several post-World War II highs against the U.S. dollar in 2011, had cost it 83.3 billion yen at the operating profit level.

“It was an extremely tough year for our group's businesses because of historic highs for the yen on top of the (March) earthquake disaster and floods (in Thailand),” Canon said in a statement.

“But because of cost-cutting efforts, our corporate structure has been strengthened further.

“For the second half, we recovered from a sizable business slump resulting from the disaster while absorbing the impact of the floods and the yen's appreciation.”

For the current year to December 2012, Canon projects a further recovery despite ongoing concerns over the European debt crisis and dim prospects for the global economy.

Canon forecast 250 billion yen in net profit for the year and 390 billion yen in operating profit on sales of 3.75 trillion yen.

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