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October 28, 2015

Canon Q3 profit declines due to weak camera demand

News: The company cuts its full-year forecast.

By CBR Staff Writer

Canon reported a 15.6% decline in its third-quarter profit to ¥49.18bn (£270m) due to weak demand for cameras.

Operating profit was ¥77.26bn, compared to ¥71.83bn in the year-ago period. Income before income taxes dropped to ¥73.96bn from ¥80.16bn.

Net sales increased to ¥925.78bn from 872.21bn in the previous year.

The company said as for digital compact cameras, sales volume declined amid the ongoing contraction of the market due to the effects of the increasing popularity of smartphones.

Profitability has however improved due the increasing ratio of models featuring high image quality and high-magnification zoom capabilities, such as the new PowerShot SX710 HS and PowerShot G3X.

Canon said despite a gradual recovery in sales of interchangeable-lens digital cameras in Japan and Europe, severe conditions continued in other regions.

Sales volume for digital compact cameras declined compared with the same period of the last year.

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The company expects net income attributable to Canon of ¥225bn for full year, a year-on-year decrease of 11.7%. Net sales are estimated to be ¥3,820bn, a year-on-year increase of 2.5%.

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