News Column

Canon sees profit gain on weak yen, rising sales

April 24, 2014

TOKYO (AP) Japanese camera and office equipment maker Canon Inc. is reporting a hefty gain in profit for the first fiscal quarter, largely on a favorable exchange rate.

Canon on Thursday reported a January-March net profit of 47.6 billion yen ($467 million), up 16 percent from the same period the previous year.

Quarterly sales totaled 868.3 billion yen ($8.5 billion), up 6 percent on year, as healthy laser printer and copier demand offset shrinking camera sales.

Like other Japanese exporters, Canon got a perk from the falling yen, which lifts the value of its overseas earnings. But Canon and others cannot expect the dollar's rise to continue at the same rate this year.

Canon said the dollar cost 97.84 yen last year, and that it will likely cost 100.61 yen this year.

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Source: Associated Press