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June 27, 2017

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Japan's Canon chops profit forecast, blames strong yen & global slowdown

TOKYO -- Japanese tech giant Canon on Thursday slashed its annual profit forecast again, blaming the global slowdown and a strong yen, as it saw quarterly earnings dive by more than a third.

The maker of laser printers and digital cameras said it now expected a net profit of 234 billion yen (US$2.9 billion) in the fiscal year to March, down from the 250 billion yen forecast in July and 290 billion yen in April.

Sales for the fiscal year would come in at 3.53 trillion yen instead of 3.69 trillion yen, it said.

"As for the outlook in the fourth quarter of 2012, the global economy is expected to realise low growth due to the sluggish economies in Europe and slowdown in emerging economies," the company said in a statement.

Canon made its forecast revision as it booked a net profit of 50.1 billion yen for the third quarter through September, down 36 percent year-on-year, while revenue declined 13 percent to 799.95 billion yen.

Japanese exporters have been hit since the global financial crisis by a strong yen, which makes their products pricier overseas and shrinks the value of repatriated income.

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