Canon Releases FY 2009 Results; Net Profits Down More Than 50 Percent

Canon released its FY 2009 results Wednesday, showing a net profit down 57 percent over the previous year. However the company reported moderate recoveries in the second half of 2009, leading the company to anticipate a more positive 2010.

Partly to blame were sluggish laser printer sales, as well as decreased demand for multifunction devices, together with a dismal 2009 global economy and the appreciation of the yen. Net sales for the year totaled 3,209.2 billion yen (U.S. $34.883 million), a year-on-year decline of 21.6 percent, mainly due to the effects of reduced sales volumes of office products throughout the year, said the report released by Canon.

Looking at specific product segments, the report stated that demand for office equipment decreased, sales of network digital multifunction devices remained low, and demand for laser printers decreased substantially compared with 2008. However inkjet printers were said to display a healthy growth in sales in Asia and the Americas in spite of an overall sluggish market. The Chinese market in particular is expected to be increasingly important to Canon.

Lyra analysts, speaking at the 2010 symposium, said Canon remains, along with HP, the healthiest of the OEMs.

Canon's projections for 2010 are optimistic, with a projected year-on-year increase of 7.5 percent in net sales, 41 percent increase in laser shipments and 5 percent in supplies.

Original Source: Canon Releases FY 2009 Results; Net Profits Down More Than 50 Percent

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