Canon to beat H1 profit forecast

  • Business
  • Thursday, 12 Jun 2003

TOKYO: Canon Inc said yesterday it would beat its own forecast for the six months to June, thanks to better-than-anticipated sales of digital cameras and colour copiers. 

Reaping rewards from cost cuts, Canon’s group net profit would total around 130 billion yen (US$1.10bil) for the January–June period, well above its forecast for 114 billion yen, a spokesman said. 

“Cameras and copiers have been strong,” he said. “Cost cutting has been a major factor.” 

Canon, the most profitable manufacturer in Japan’s high-tech sector, had posted record earnings for the first quarter, and in April raised its outlook for the full business year, which had already been expected to show a fourth straight record profit. 

The company has been trimming costs by moving production to China, while raising productivity by shifting much of its output from assembly lines to a so-called “cell” system in which workers put products together at stationary stalls. – Reuters  

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