Interchangeable-lens cameras faced ‘severe’ market conditions outside Japan and compact sales continued to drop, says Canon amid a 16% fall in quarterly profits

Canon predicts a steady growth in sales of high-end compacts

Canon’s net profits for the three months from 30 March to 30 June declined 16% to £353.4 million, compared to the same period last year.

‘During the second quarter, despite firm sales in Japan, interchangeable-lens digital cameras continued to face severe conditions in other regions while sales volume for digital compact cameras decreased in most regions…’ said Canon in a statement.

In the face of shrinking sales – due to the rise of smartphones – Canon pointed to a rise in digital compact camera profits owing to a larger share of ‘high-added-value’ models with ‘high image quality and high-magnification zoom capabilities’.

The firm said it expects the market for high-end compacts to ‘grow steadily’.

Demand for inkjet printers also fell over the previous year, due to sluggish market conditions in Southeast Asian countries.