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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Canon Q1 net profit more than triples By TOMOKO A. HOSAKA,Associated Press Writer - Tuesday, April 27 Send IM Story Print TOKYO – Canon's first quarter net profit more than tripled from a year earlier as a recovering global economy drove demand for cameras and office equipment. The world's biggest maker of digital cameras said Monday that its net profit for the January-March quarter totaled 56.8 billion yen ($611 million), up from 17.7 billion a year earlier. Operating profit more than quadrupled to 86.8 billion yen ($934 million), while sales rose 10 percent to 755.5 billion yen ($8.1 billion). Tokyo-based Canon Inc. credited its results to a turnaround in U.S. consumer spending, as well as expanding markets in China, India and elsewhere in Asia. Sales of laser and inkjet printers rose, the company said. Worldwide demand also grew for single-lens reflex cameras after it introduced new models for beginners and amateurs. Compact digital cameras performed well in emerging economies, though sales lagged in developed countries. Western and other advanced economies face uncertainties in the months ahead but "appear to be steadily headed for recovery," the company said. China and other emerging nations, which are expected to fuel global growth, are likely to continue enjoying healthy expansion, it said. With the encouraging outlook, Canon raised its forecasts for the full fiscal year through Dec. 31. It now expects to book a net profit of 240 billion yen on sales of 3.75 trillion yen. Back in January it estimated net profit of 200 billion yen and 3.45 trillion yen in sales. Unlike many Japanese companies, Canon's fiscal year matches the calendar year. Canon bases its earnings on U.S. accounting standards. Ahead of its first quarter results, Canon shares jumped 3.5 percent to 4,395 yen in trading Monday, outpacing the Nikkei 225 index's 2.3 percent rise. Recommend Send IM Story Print Related Articles Europe trade deal could hit Indian generic drugs AP - 21 minutes ago US-BUSINESS Summary Reuters - 27 minutes ago Derivatives differences trigger alarm bells Reuters - 28 minutes ago Financial reform nears test in Senate Reuters - 30 minutes ago Pace of Turkish stimulus exit spooks markets Reuters - 43 minutes ago News Search Top Stories Wall Street overhaul faces key US Senate test Greece pledges fresh cuts after EU-IMF talks Genes influence smoking addiction: study Airbus workers 'to disrupt production in France' Indian cricket league chief suspended hours after finals More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » Most Popular Most Viewed Most Recommended Aliens may exist but contact would hurt: Hawking Ex-Bin Laden bodyguard writes against Qaeda BP struggles to cap leak as US oil slick spreads French driving veil row escalates Greece warns speculators as it races for bailout More Most Viewed » Aliens may exist but contact would hurt: Hawking Apple engineer loses iPhone prototype Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation French driving veil row escalates More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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