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Canon Q1 profit down nearly 29% on falling camera demand

Japanese camera and office equipment maker Canon said Monday its profits fell nearly 29% in the three months to March, due to reduced demand for cameras.
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The company said net profit dropped to 33.9 billion yen ($284 million) for the January-March period, while operating profit fell 19.9 percent to 66.2 billion yen, on sales of 857.4 billion yen, down 1.3 percent.

It said slower camera sales and an increase in the cost of research led to the decline in profit, although the firm saw steady demand for laser printers and copy machines.

“During the first quarter, MFDs (multifunction copier/printers) and laser printers enjoyed steady growth that has continued from the previous year,” the company said in a statement.

“Despite solid growth in the US market, interchangeable-lens digital cameras continued to face severe conditions in other regions while sales volume for digital compact cameras decreased in all regions compared with the same period of the previous year,” it said.