Canon’s camera division profits drop 67%
January 28, 2009
Canon?s global camera division has reported a 67.7% fall in operating profit for the final quarter of 2008.
However, cameras faired better than the group as a whole, which recorded a 90.9% dive in net profits for the period (81.5% drop in operating profit).
Canon blamed its results on the global economic slowdown.
The firm?s camera sales fell 28% in the last three months of 2008 compared to the same period the year before.
Though demand for digital cameras grew 4% over the year, this failed to stave off a 38.9% fall in operating profit for the 12 months to 31 December.
Sales value fell 9.6% year-on-year ?due to falling prices and the appreciation of the yen?, states Canon in its latest financial figures released today.
Canon reported ?healthy sales? of its EOS 450D, 40D (pictured) and latest compact models over the 12 months.
The news comes on the day that Canon confirmed plans to raise its UK prices for the second time this year on the back of the falling value of the pound.
Picture:Canon reported ‘healthy sales’ of its 40D camera over the year as a whole